At the beginning of the current (non-leap) year, Jacques owns all of Lighthouse Supply Corporation's outstanding stock. His basis in the stock is $65,000. On July 1, he sells all his stock to Rich for $122,000. During the year, Lighthouse Supply, a calendar year taxpayer, makes two cash distributions: $55,000 on March 1 to Jacques and $96,000 on September 1 to Rich.

Consider the following independent situations:

a.	Current E&P of $44,000; accumulated E&P of $38,000.
b.	Current E&P of $110,000; accumulated E&P (deficit) of $(54,000)
c.	Current E&P (deficit) of $(42,000); accumulated E&P of $128,000.

Fill in all tables. Numbers and names from previous problem to show set up. Names should be (1) Jacques and (2) Rich

Begin by completing the table for the distributions. (Complete al answer boxes. For zero amounts, make sure to enter "O" in the appropriate cell. Use a 365-day year for computations. Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) Current E and P Retum Situation Individual Date E and P income of capital 38,000 49,597$ Mar 1 S Sep 1 4,403 74,597 79,000 18,483 32,517 51,000 Harris S 11,597 $ Mozzie 99,00 70,000 $ 149,000 32,000 $ 54.000 95,0002 35,517 $ 62,483 98,000 $ Mar 1 $ 35,517 $ b. Mozzie Sep1 Total Harris Mozzie Sep 1 98,000 $ 54,000 $ 33,364 87,364 $ 149,000 S 54,000 54,000 $ 33,364 87,364 $ Mar 1 $ C. 95,000 61,636 149,000 S o $ 61,636