Question - Pheasant corp a calendar year taxpayer has $400,000 of current E&P and a deficit in accumulated E&P of $180,000 if pheasant pays a $600,000distribution to its shareholders on July 1st, how much dividend income do the shareholders report?
a) $0
b) $20,000
c) 220,000
d) $400,000
e) none of the above