Jay transfers a machine with a basis to him of $45,000 and a FMV of $35,000 to a new corporation in a transaction that qualifies for section 351. In exchange for the machine, Jay receives 30 shares of stock and $5,000 cash. what is the corporations basis for the machine it received?

asif corporation makes two distributions to its shareholders during the current tax year; the first for $20,000 on Feb 1 and the second for $20,000 on August 1. before consideration of the distributions, the corporation has $18,000 in current E&P and $21,000 in Accumulated E&P. How much of the second distribution is taxable as a dividend?