Current vs Accumulated E&P(1 of 2y Current E&P computed on last day of the corp's tax year Distributions in excess of ce&P are allocated pro rata to ce&P regardless of payment date then deducted from Accumulated E&P in chronological order 99 Current vs Accumulated E&P(1 of 2) Current E&P computed on last day of the corp’s tax year Distributions in excess of CE&P are – allocated pro rata to CE&P regardless of payment date – then deducted from Accumulated E&P in chronological order