Question: Tax Drill - Current Deficit Complete the following statements regarding E&. When a deficit exists in current E & P and a positive balance exists

Tax Drill - Current Deficit Complete the following statements regarding E&.

Tax Drill - Current Deficit Complete the following statements regarding E&. When a deficit exists in current E & P and a positive balance exists in accumulated E & P, the accounts netted at the date of distribution. If the balance is the distribution is a return of capital. If the balance is the distribution is a dividend to the extent of the balance

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