Xenia, Inc., a U.S.shareholder, owns 100% of Fredonia, a CFC.Xenia receives a $3 million cash distribution from Fredonia.Fredonia's E & P is composed of the following amounts. 
Xenia recognizes a taxable dividend of:
A) $3 million.
B) $2.5 million.
C) $1.5 million.
D) $1 million.
E) $0.
Correct Answer:
Verified
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