Assume all 10 Students in Income Tax II Class at Metro get together and form an S Corporation named Taxes R US in year 2016 and contribute $5,000 each. Assume there are no nonresident aliens in this organization.In the year 2017, some students start taking distributions or withdraw the money without receiving any compensation.Please describe in detail, the tax implications and related limitations on this transaction to the company and to the Student shareholders. Assume the business made money and has positive E&P.