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As of January 1, Spruce Corporation has a deficit in accumulated E & P of $37,500. For tax year, current E & P (all of which accrued ratably) is $20,000 (prior to any distribution). On July 1, Spruce Corporation distributes $25,000 to its sole, noncorporate shareholder. The amount of the distribution that is a dividend is:

a) $0.

b $20,000.

c) $25,000.

d) $37,500.

e) None of the above

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