In Allocating Current Earnings and Profits, the IRS Has Ruled

In allocating current earnings and profits, the IRS has ruled that they are

A) Allocated pro rata to distributions on stock on which dividends are paid
B) Allocated pro rata to all distributions made during the year and within two months of the close of the year
C) First allocated to distributions on stock on which dividends must be paid before dividends can be paid on other classes of stock
D) First allocated to distributions on stock on which dividends may be paid after required dividends have been paid on other classes of stock