Pheasant Corporation, 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 $600,000 distribution to its shareholders on July 1, how much dividend income do the shareholders report?
A. $0
B. $20,000
C. $220,000
D. $400,000
E. None of these.
Answer: D
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