4. Ed receives a distribution of land from his corporation. Its value is $40,000 and it is subject to $11,000 of debt. T

[answerhappygod]

4. Ed receives a distribution of land from his corporation. Its
value is $40,000 and it is
subject to $11,000 of debt. The corporation's basis in it was
$47,000. The corporation
has $100,000 of E&P before the distribution.
(a) How much dividend income does Ed have?
(b) What's his basis in the land?
(c) How much gain or loss will the corporation recognize, if
any?
(d) What's the corporation's E&P after the distribution?
5. A corporation has $9,000 of current E&P and $1,500 of
accumulated E&P. If it
distributes $10,000 in May and $5,000 in August, how much of
each distribution is a
dividend?
6. A corporation has a deficit in accumulated E&P of
($8,000) and has $20,000 of
current E&P. It distributes $32,000. How much of the
distribution is a dividend?