Question: Karas Corporation had accumulated earnings & profits (E&P) of $75,000 as of January 1 of the current year. On April 1 of the same year, Karas distributed $80,000 in cash to Ms. Jones, the company's sole shareholder. Karas has a current E&P deficit of $76,000 for the year. Mr. Jones had an adjusted basis of $65,000 in her stock before the distribution. What is the amount of Karas current E&P on December 31 of the current year (after considering the distribution)?