As of January 1 of the current year, Grouse Corporatson has E \& P of $600,000 Fumiko owns 320 shares of Grouse's crmmon stock (basin of $45,000). On that date, Grouse Corporation declares and distritutes a nontaxable preferred trock devidend of which Fumiko recerves 100 ahares Immediately after the stock dividend, the far market value of one share of Grouse common stock is $500, and the farr maket value of ene thure of Grouse preferred stock is $200. Two months later, Fumiko sells the 100 shares of prefered stock to an urelated individial for $200,000 a. Assuming Fumiko is in the 32% tax bracket, what are his income tax consequences resulting from the sale of the preferred stock? b. What is the effect on Grouse Corporation's E \& P as a result of the sale of the preferred stock