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Jayhawk Company reports current E&P of $310,000 and accumulated E&P of negative $282,500. Jayhawk distributed $505,000 to its sole shareholder, Christine Rock, on the last

Jayhawk Company reports current E&P of $310,000 and accumulated E&P of negative $282,500. Jayhawk distributed $505,000 to its sole shareholder, Christine Rock, on the last day of the year. Christines tax basis in her Jayhawk stock is $128,750

a.
How much of the $505,000 distribution is treated as a dividend to Christine?

b.

What is Christines tax basis in her Jayhawk stock after the distribution?

c.
What is Jayhawks balance in accumulated E&P on the first day of next year?

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