Cedar Corporation is a calendar year taxpayer formed in 2011. Cedars E & P for each of the past 5 years is listed below.

2015	$28,000
2014	$40,000
2013	$39,000
2012	$78,000
2011	$16,000

Cedar Corporation made the following distributions in the previous 5 years.

2014	Land (basis of $70,000, fair market value of $80,000)
2011	$20,000 cash

Cedars accumulated E & P as of January 1, 2016 is:

	a.	$91,000.
	b.	$95,000.
	c.	$101,000.
	d.	$105,000.
	e.	None of the above.