Jelco Corporation, a calendar-year corporation, had a tough time for its first few years but is now doing better. On Jan. 1 of the current year, it has an accumulated E&P = ($60,000), a deficit. However, its current E&P, measured as of 12/31, = $30,000. Jelco distributes $20,000 to its shareholders during the current year. How much of the distribution is a dividend?
a. $20,000
b. $30,000
c. $15,000
d. Cannot be determined