3. Larry is the sole shareholder of Yooper Corp. In 2019 Yooper operated as a C corporation and reported $17,000 of taxable income (and earnings and profits). In 2019, Yooper elected S corporation status. During 2020 Yooper reported $14,000 of ordinary business income and no separately stated items. It also distributed $26,000 to Larry. a. What is the amount and character of income Larry must recognize on the distribution? b. What is Larry's stock basis at the end of 2020 (after accounting for the distribution) if his basis at the beginning of the year was $8,000? c. What is Yooper Corp.'s earnings and profits balance at the end of 2020? d. What is Yooper Corp.'s AAA balance at the end of 2020