AT the beginning of the year, Westwind, a C corporation, had a deficit of $45,000 in accumulated earnings and profits. For the current year, Westwind reported earnings and profit of $15,000. Westwind distributed $12,000 during the year. What was the amount of Westwind's accumulated earnings and profits deficit at year-end?
a. $(30,000)
b. $(42,000)
c. $(45,000)
d. $(57,000)
Answer: B
Tax
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