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Swan, a calendar-year corporation, has a deficit in current E & P of $200,000 and...

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Accounting

Swan, a calendar-year corporation, has a deficit in current E & P of $200,000 and a $580,000 positive balance in accumulated E & P. If Swan determines that a $1 million distribution to its shareholders is appropriate at some point during the year, which is the maximum amount of the distribution that could potentially be treated as a dividend?

$0 $380,000 $480,000 $580,000 None of the above

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