Lanco Corporation, an accrual method corporation reported taxable income of 52.280,000 this year Included in the computation of taxable income were the following items MACRS depreciation of 5229500 Straight line depreciation would have been $144,000 - Anet capital loss cantower of $22.700 from last year A net operating loss carryover of $24.000 from last year 578 150 capital gain from the distribution of land to the company's sole shareholder (see below) Not included in the computation of taxable income were the following items Tax exempt income of $6.900 . Life insurance proceeds of $329,000 Excess current year charitable contribution of 54,200 to be carried over to next year Tax deterredGain of $29.800 on a like kind exchange . Federal income tax refund from last year of $41500 Nondeductible Me insurance premium of $3200 Nondeductible interest expense of 53.300 on a loan used to buy tax-exempt bonds Lancos accumulated E&P at the beginning of the year was a 350,000. During the year Lanco made the following distributions to its sole shareholder, Luigi Lugi Nutt June 30 $69,500 September 30, Parcel of land with a fair market value of $97750. Lanco's tax basis in the land was $19,600 Lug assumed an existing mortgage on the property of $17,200 Required: a. Compute Lanco's current E&P b. Compute the amount of dividend income reported by Lug Nut this year as a result of the distributions c. Compute Lanco's accumulated E&P at the beginning of next year 2 Current E&P Dividend income Accumulated E&P beginning of next year S 329,000 5 30,550 55965250 C