Burkhalter Corporation has a positive balance in Current E & P of $124,000 and a positive balance in Accumulated E & P of $159,000. During the year, the corporation made the following cash distributions to its sole shareholder, Albert:

March 31: $128,000

September 30: $164,000

December 31: $108,000

Albert has a stock basis of $64,009

Required:

Usinf the attached spreadsheet, calculate the tax effect of the distributions. SHOW ALL CALCULATIONS!!!! When calculating the percentages, ROUND TO TWO DECIMAL PLACES.

Example: .1065 is rounded up to .11 or 11%

You don't have to do a Form 1099.