Corporation Y was formed on October 1, 2013 by 2 shareholders who each contributed $20,000 cash. Shareholder A is a corporation while Shareholder B is an individual. Corporation Y has revenues in 2013 of $50,000 and salary expenses of $20,000. At the end of the 2013 tax year, Corporation Y receives a K-1 from a partnership in which it owns 50%. The K-1 reports municipal interest income of $10,000 and Low Income Housing Credits of $2,000. Corporation Y has an effective tax rate of 40% for all years and has no business activity in 2014. 

On January 1, 2014 Corporation Y distributes $8,000 (each) in cash to both Shareholder A & B. Corporations Y accumulated E&P immediately before the distribution is?