Problem:
MikeCO made the following distributions during the year:
*5/1/x1 $60,000
*9/1/x1 40,000
Determined the tax treatment of each distribution under each of the following independent circumstances:
Accum E&P Curr E&P
a) $10,000 $50,000
b) (70,000) 50,000
c) 95,000 (18,250)