43. Illini Corporation reported taxable income of $500,000 from operations for this year. During the year, the company made a distribution of an automobile to its sole shareholder, Carly Urbana. The auto's fair market value was $30,000 and its tax ba- sis to Illini was $0. The auto's E&P basis was $15,000. Any gain from the distribu- tion will be taxed at 21 percent. Illini a) Compute Illini's total taxable income and federal income tax. b) Compute Illini's current E&P. had accumulated E&P of $1,500,000. rate Taxation: Nonliquidating Distributions c) Compute Illini's accumulated E&P at the beginning of next year. d) What amount of dividend income does Carly report as a resul e) What is Carly's tax basis in the auto she received from Ilini