1. During the current year LOL Corporation distributed $8,000 to its shareholders on- May 1 and $8,000 on November 4. Current E & P was $11,000. Calculate each distribution's share of current E & P. 2. Clyde owned 1300 shares of common stock in Carlyle Corporation. His basis in the stock was $12 per share. Clyde received a stock dividend of an additional 425 shares of Carlyle Corporation common stock in a nontaxable distribution. Find the allocation of basis between the old stock and the new stock. 3. Calculate the Federal tax liability for a company that had taxable income of $854,300