D Question 24 RR Corporation is a calendar year C corporation formed in 2019. RR's current E&P (before considering the effect of distributions) for each of the past 5 years is listed below. 2023 $27,000 2022 $22,000 2021 $34,000 2020 $45,000 2019 $18,000 RR made the following nonliquidating distributions between 2019 and 2023: - 2022 Land (basis of $25,000; fair market value of $40,000; encumbered by a $20,000 mortgage which the shareholder assumes) - 2020 Equipment (basis of $25,000, fair market value of $22,000) - 2019 Cash $22,000 The corporate tax rate is 21%. The land and equipment distributed have been used in RR's business for more than one year. (a) What is RR's accumulated E&P as of January 1, 2024? (b) What is the shareholder's basis in the land and equipment received? 2 Edit Format Table 12pt v Paragraph BIUA T || | F2 # DII F3 $ #4 4 F4 % 5 F5 A W E R T Y A S D F G F6 H & 7 8 pts PrtScn Home F7 F8 F9 J 8 Z X C V B N M K 0