Lark Enterprises Inc. is a personal holding company. From the information below, compute its maximum dividends-paid deduction.

a. Land with a basis of \(\$ 10,000\) and a value of \(\$ 50,000\) was distributed during the taxable year ending December 31 to its two 50 percent shareholders as equal tenants in common.

b. Two months later, cash of \(\$ 5,000\) was distributed to one shareholder and three months later property worth \(\$ 5,000\) to the other.

c. On February 10 of the following year, \(\$ 3,000\) was distributed to each shareholder and an election was made to treat the dividends as paid the previous year.

d. A timely election was made to treat \(\$ 5,000\) each as consent dividends.