During the current year, Heta Corporation distributes the assets listed below to its sole shareholder, Helen.

Assume that Heta has an E&P balance exceeding the amount distributed and is subject to a 21% tax rate. Unless stated otherwise, adjusted bases for taxable income and E&P purposes are the same.

Helen Heta Corporation Amount of Inc or dec Character of distribution Amount of gain or loss Character of gain or loss Amount of E&P change distribution Basis to E&P a. Helen Heta Corporation Amount of Inc or dec Character of distribution Amount of gain or loss Character of gain or loss Amount of E&P change distribution Basis to E&P a