What is Effect of a distribution on accumulated E&P and current E&P.
Explain the effect of a distribution in a year when the distributing corporation has any of the following:
1. A deficit in accumulated E & P and a positive amount in current E & P.
2. A positive amount in accumulated E & P and a deficit in current E & P.
3. A deficit in both current and accumulated E & P.
4. A positive amount in both current and accumulated E & P.