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Joe owns 75% and Ethan owns 25% of JH Corporation, a calendar year taxpayer. JH makes a $600,000 distribution to Joe on April 1 and

Joe owns 75% and Ethan owns 25% of JH Corporation, a calendar year taxpayer. JH makes a $600,000 distribution to Joe on April 1 and a $200,000 distribution to Ethan on May 1. JHs current E & P is $120,000 and its accumulated E & P is $500,000. What are the tax implications of the distributions to Joe and Ethan?

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