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Omega Corporation is formed in 2006. Its current E&P and distributions for each year through...

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Accounting

Omega Corporation is formed in 2006. Its current E&P and distributions for each year through 2010 are as follows:

Year Current E&P (deficit) Distributions

2007 $(20,000) 0

2008 30,000 0

2009 36,000 $18,000

2010 16,000 0

Is the distribution made from current or accumulated E&P? At the beginning of 2011, what is accumulated E&P?

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