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Exit Corporation has accumulated E&P of $ 2 5 , 0 0 0 at the beginning of the current tax year. Current E&P is $

Exit Corporation has accumulated E&P of $25,000 at the beginning of the current tax year. Current E&P is $16,000. During the year, the corporation makes the following distributions to its sole shareholder who has a $21,000 basis for her stock.

Date      Amount Distributed

April 1           $15,000

June 1              15,000

August 1         15,000

November 1    5,000

Determine how much of each distribution is from current E & P, accumulated E & P, a return of capital, or capital gain.

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