Earnings and Profits. A distribution is made when D, Inc. has assets valued at $500,000 (basis of $300,000), E&P of $80,000, and 10,000 shares of stock out-standing. T receives assets valued at $100,000 (basis of $60,000) for all his D stock (2,000 shares with a basis of $25,000). Compute the corporations E&P balance after the exchange if it is treated as (a) a dividend, or as (b) a sale