At the beginning of the year, Myrna Corporation (a calendar year taxpayer) holds E & P of $161,500. The corporation gene

[answerhappygod]

At the beginning of the year, Myrna Corporation (a calendar year
taxpayer) holds E & P of $161,500. The corporation generates no
additional E & P during the year. On December 31, the
corporation distributes $242,250 to its sole shareholder, Abby,
whose stock basis is $48,450.
How does the Federal income tax law treat this distribution? If
an amount is zero, enter "0". As a result the distribution Abby has
the following:
• Dividend income: $ 161,500
• Return of capital: $ 48,450
• Capital gain: $ 32,300
• Stock basis after the distribution: $ ___________