4 (3 points): Luna Corporation has the following income and expenses for the taxable year. Gross Receipts from Services Ordinary and necessary $600,000 $150,000 expenses for salaries and supplies Income from tax-exempt bonds $60,000 Accelerated depreciation on equipment (note: equipment has useful life of 10 years and its original basis was $100,000) $20,000 Loss on the sale of land to a $16,000 related party Nondeductible fines paid $12,000 I (a) Compute Luna's current e & p. (b) Assume Luna Corp. is a calendar year taxpayer it has no accumulated e & p. On December 31 of the current year, Luna Corp distributes $580,000 to Zoe, its sole shareholder. Zoe has a basis of $40,000 in her Luna Stock. What are the tax consequences of the distribution to Zoe