Miley decided to terminate the S corporation election of her solely owned corporation on October $17,2019($effective immediately$),$ in preparation for taking it public. Miley had previously elected S corporation status on January $1,2018.$ At the time of the election, the corporation had an accumulated adjustments account balance of $$207,000$ and $$497,500$ of accumulated E&P from prior C corporation years, and Miley had a basis in her S corporation stock of $$177,750.$ During $2020,$ Miley's corporation reported $$0$ taxable income or loss. Also, during $2020$ the corporation made distributions to

Miley of $$108,500$ and $$79,000.$

How are these distributions taxed to Miley assuming the following? $($Leave no answer blank. Enter zero if applicable. Enter N$/$A if not applicable.$)$

a$.$ Both distributions are in cash. The first was paid on June $15,2020,$ and the second was paid on November $15,2020.$

Taxable as

June $15$

Amount Taxable

November $15$