Last year, Miley decided to terminate the S corporation election of her solely owned corporation on October

Question:

Last year, Miley decided to terminate the S election of her solely owned on October 17, 2014 (effective immediately), in preparation for taking it public. At the time of the election, the had an accumulated adjustments account balance of $150,000 and $450,000 of accumulated E&P from prior C years, and Miley had a basis in her S stock of $135,000. During 2015, Miley's reported $0 taxable income or loss. Also, during 2015 the made distributions to Miley of $80,000 and $60,000. How are these distributions taxed to Miley assuming the following?
a) Both distributions are in cash, and the first was paid on June 15 and the second on November 15.
b) Both distributions are in cash, and the first was paid on June 15 and the second on September 30.
c) The same facts in part (b) except the June 15 was a property (noncash) (fair market value of distributed property equal to basis).
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...