Identify which of the following statements is true. a.if both the current and accumulated e& p have deficit balances, a corporate distribution cannot be characterized as a dividend. b.a corporation recognizes gain when distributing money as a dividend to its shareholders. c.the shareholder's basis in property received in a nonliquidating distribution is the property's fmv reduced by liabilities assumed by the shareholder. d.all of the above are false.

Correct option is (A)

Explanation:

Distributions from current E&P and thereafter from accumulated E&P are considered as taxable dividend. In case of deficit in current and accumulated E&P account, any corporate distribution is considered as return of capital distribution and not as dividends.

Dividends are taxable, however, return of capital is non-taxable income that reduces cost basis of shareholders.

So, statement A is true. Rest of the statements are false.

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