ABC Corp. had accumulated earnings and profits as of January 1, 2020 equal to $15,000. For the calendar year ending December 31, 2020 its current earnings and profits were equal to $20,000. On May 31, 2020, ABC Corp. distributed $30,000 to Smith its sole shareholder. On November 30, 2020, ABC Corp. distributed another $20,000 to Smith. Smith had purchased his ABC Corp. stock from Grey on September 15, 2015, paying $9,000 for his shares.

(a) What is the amount and character of the May 31, 2020 distribution received by Smith?

(b) What is the amount and character of the November 30, 2020 distribution received by Smith?