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14. X co. is an S corporation. X co.'s accumulated adjustments account is $500,000. X co. has accumulated earnings and profits of $300,000. X

14. X co. is an S corporation. X co.'s accumulated adjustments account is $500,000. X co. has accumulated earnings and profits of $300,000. X co. makes a pro-rata cash distribution to shareholder H of $30,000. H is a 10% shareholder of X co. and has $70,000 basis in the X co. stock How should H report the distribution? What if the distribution was for $160,000?

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