8. in 2020, Geonosis Industries, Inc (Gll). reported taxable income of $500,000 from operations this year. In addition to the income above, during the year the company made a distribution of land to its sole shareholder, Sly Tyranus. The Land's FMV as $75,000 and its E&P Basis to GlI was $125,000. Sly assumed a mortgage attached to the land of $15,000. The company had accumulated E&P of $750,000, at beginning of 2020, before taking into account the income from above. a. Compute Gil's Taxable income and income tax. (10Pts) b. Computer GII Current E&P (10Pts) C. Compute GII Accumulated E&P at the beginning of the year for 2021. (10Pts) d. Compute the amount of dividend income Sly recognizes as a result of the distribution. (10Pts) e. What is Sly's tax basis in the land he received from GII? (10Pts)