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47. L0.7 Ling is the sole shareholder of Crimson Corporation (a C corporation). At a time when Crimson has a deficit in accumulated E \& P of $90,000 and current E \& P of $65,000, it distributes a cash dividend of $85,000. If Ling's basis in her stock is $15,000, what are the tax consequences of the distribution to: a. Ling? b. Crimson Corporation? 47. L0.7 Ling is the sole shareholder of Crimson Corporation (a C corporation). At a time when Crimson has a deficit in accumulated E \& P of $90,000 and current E \& P of $65,000, it distributes a cash dividend of $85,000. If Ling's basis in her stock is $15,000, what are the tax consequences of the distribution to: a. Ling? b. Crimson Corporation