Given the following information, determine the taxable portion (amount of dividend) and return of capital in each situation assuming the basis exceeds the amount of any distribution over the E&P amount, as well as accumulated E&P on January 1, 2017. Also, each situation is independent of the others. (CE&P = Current Earnings and Profit, AE&P = Accumulated Earnings and Profit, Di. = Distribution) b 2016' CE&P 1/1/16 'AE&P 8/1/16 Di. a. $85,000 $90,000 $80,000 b. $70,000 $5,000 $72,000 -. $90,000 ($80,000) $120,000 $50,000 $50,000 $150,000