According to 2019 Tax Laws:

Tiger Corporation reported taxable income of $500,000 from operations this year. During the year, the company made a distribution of land to its sole shareholder, Mike Fairway. The lands fair market value was $75,000 and its tax and E&P basis to Tiger was $125,000. Mike assumed a mortgage attached to the land of $15,000. Any gain from the distribution will be taxed at 21 percent. The company had accumulated E&P of $750,000 at the beginning of the year.

a) Compute Tigers total taxable income and federal income tax.

b) Compute Tigers current E&P.

c) Compute Tigers accumulated E&P at the beginning of next year.

d) What amount of dividend income does Mike report as a result of the distribution?

e) What is Mikes tax basis in the land he received from Tiger?