a. How much of the $400,000 distribution is treated as a dividend to Boomer?

b. What is Boomers tax basis in his Sooner stock after the distribution?

c. What is Sooners balance in accumulated E&P on the first day of next year?

* Already attempted the problems and

a. was not $51,233

b. was not $0

c. was not $(151,233)

Required information lThe rollowing information applies to the questions displayed below.] This year, Sooner Company reports current E&P of negative $300,000. Its accumulated E&P at the beginning of the year was $200,000. Sooner distributed $400,000 to its sole shareholder, Boomer Wells, on June 30 of this year. Boomer's tax basis in his Sooner stock is $75,000. (Leave no answer blank. Enter zero if applicable. Negative amounts should be indicated by a minus sign.) Required information lThe rollowing information applies to the questions displayed below.] This year, Sooner Company reports current E&P of negative $300,000. Its accumulated E&P at the beginning of the year was $200,000. Sooner distributed $400,000 to its sole shareholder, Boomer Wells, on June 30 of this year. Boomer's tax basis in his Sooner stock is $75,000. (Leave no answer blank. Enter zero if applicable. Negative amounts should be indicated by a minus sign.)