Jane is the sole shareholder of Buttons, Inc. Buttons has a deficit of $60,000 in accumulated earnings and profits (E & P) at the beginning of the current year. Current E & P is $35,000. If Buttons pays out a cash distribution to Jane during the current year of $50,000, how much is a taxable dividend to Jane? a.$0 b.$35,000 c.$50,000 d.$85,000

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