Which of the following statements is false?
A) E&P consists of two basic parts: current E&P and accumulated E&P.
B) A corporation can make taxable dividend distributions if it has current E&P, notwithstanding the fact that it may have a deficit in accumulated E&P.
C) A dividend is defined as paid out of either current or accumulated E&P.
D) The presumption is that every distribution is first out of accumulated E&P and then from current E&P.
Correct Answer:
Verified
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