2. Oscar and Otis each invest $10,000 into Doggie Corporation (ac Corporation) and each get a 50% interest in the capital and profits. After several years, Doggie has $30,000 of Accumulated Earnings and Profits (AEP). On 1/1/19, Doggie makes the election to become an S Corporation. During 2019 and 2020 Doggie has $40,000 in the Accumulated Adjustments Account (AAA - i.e. Accumulated Earnings and Profits for an S Corportion). On 1/1/21 Doggie distributes $100,000 (i.e., $50,000 to Oscar and $50,000 to Otis). REQUIRED: A. How much income is taxed and what is the character of the income to: Oscar Otis Total $50,000 $50,000 B. Explain the logic of how much income is taxed in each category