Duval Corporation is a calendar year taxpayer. Polly owns all of its stock. Her basis for the stock is $12,000. On April 1 of the current (non-leap) year Duval distributes $54,000 to Polly.

	a	b	c	d
Distribution
Dividend income
Remaining distribution
Return of Capital
Capital gain (loss)
Carryforward Accumulated E&P

Instructions: Determine the tax consequences of the cash distribution in each of the following independent situations:

	a) Current E&P of $25,000; accumulated E&P of $15,000.
	b) Current E&P of $25,000; accumulated E&P deficit of $(34,000).
	c) Current E&P deficit of $(72,000); accumulated E&P of $50,000.
	d) Current E&P deficit of $(22,000); accumulated E&P deficit of $(15,000)

(Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar. Complete all answer boxes. For zero amounts, make sure to enter "0" in the appropriate cell. Use parentheses or a minus sign for losses andE&P deficits.)