31.Smith Co. has no E&P, current or accumulated, prior to the following independent transactions with its sole shareholder, Chris:

a.Distribution of LIFO inventory with a basis of $7,000, a FIFO value of $11,000, and a market value of $13,000.

b.Distribution of land with a basis of $21,000, a mortgage of $34,000, and a value of $58,000.

c.Sale of property to Chris for $20,000 (basis $5,000, value $25,000).

d.Does Chris have to recognize any income?

e.Does Smith Co. have any gains or losses?

f.What are the required adjustments to E&P?