ABC Corp. had accumulated eamings and profits as of January 1, 2021 equal to $17,000. For the calendar year ending December 31, 2021 its current earnings and profits were equal to $10,000. On May 31, 2021, ABCC Corp. distributed $32,500 to Smith its sole shareholder. On November 30, 2021, ABC Corp. distributed another $17,500 to Smith. Smith had purchased his ABC Corp, stock from Grey on September 15,2015 , paying $19,500 for his shares. a) What is the amount and character of the May 31,2021 distribution received by Smith? b) What is the amount and character of the November 30,2021 distribution received by Smith