Beaver 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, Eugenia VanDam. The lands fair market value was $20,000 and its tax and E&P basis to Beaver was $50,000. Eugenia assumed a mortgage on the land of $25,000. Any gain from the distribution will be taxed at 21 percent. Beaver Corporation had accumulated E&P of $1,500,000. (Leave no answer blank. Enter zero if applicable.)

a. Compute Beavers total taxable income and federal income tax.

Total taxable income --------------?

Federal Income tax -----------------?

b. Compute Beaver's current E&P. Current E & P ---------------?

c. Compute Beavers accumulated E&P at the beginning of next year. Accumulated E & P at the beginning of next year -----------------------?

d. What amount of dividend income does Eugenia report as a result of the distribution?

Dividend Income reported ---------------------?