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What amount of the year distributions is classified

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Problem - On January 1, year 5, Olinto Corp., an accrual basis, calendar year C corporation, had $35,000 in accumulated earnings and profits. For year 5, Olinto had current earnings and profits of $15,000 and made two $40,000 cash distributions to its shareholders-one in April and one in September of year 5. What amount of the year 5 distributions is classified as dividend income to Olinto's shareholders?

a. $15,000

b. $35,000

c. $50,000

d. $80,000

Reference no: EM132673549

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