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Assume Lex Corp. reported current E&P of $40,000 and accumulated E&P was $16,000. On December 31, Lex Corps distributed $48,000 to Jim and $16,000 to

Assume Lex Corp. reported current E&P of $40,000 and accumulated E&P was $16,000. On December 31, Lex Corps distributed $48,000 to Jim and $16,000 to Tracey. What amount of dividend income do Jim and Tracey report, and what is accumulated E&P for Lex corp. at the beginning of the next year?

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