Corporation with taxable income of $500,000 for the current year reports the additional items: electe $25,000 of 179 expense, a related-party loss of $20,000 and a realized (not recognized) gain from an involuntary conversion of $75,000. It paid Federal income tax of $150,000 and paid a nondeductible fine of $10,000. The resulting current E & P is: O No response is correct. O $350.000. O $340,000. O $320,000. O $415.000. Question 2 3.3 pts A corporation has current E&P of $400.000 and a deficit in accumulated E & P of $180.000. If the corporation pays a $600.000 distribution to its shareholders on July 1. how much dividend income do shareholders report? O $0 $20.000 $400.000 No response is correct O $220.000 $600,000 ASUS