1. On January 1, 2021 Green Corporation (a calendar year taxpayer) has ACCCUMULATED E&P of $40,000 and generates no additional E&P during the 2021 year. On October 31, 2021 the corporation distributes $120,000 to its sole shareholder, Wayne (basis in stock of $50,000). Determine the effect of the distribution on Waynes taxable income Is the $120,000 distribution a dividend? Or a portion? What happen to anything that is NOT a dividend? How will it be treated? ROC? CG? How much of each? What is the impact on Waynes basis in Green Corp stock?