Morgan Corporation has two Equal shareholders, Miranda and Caroline. Morgan Corporation has Current E&P of $50,000 and a deficit in accumulated E&P of $40,000. On August 15, Morgan Corporation distributes investment land to these shareholders. The land Distributed to Miranda has a FMV of $30,000 and a basis to the corporation of $24,000. The land distributed to Caroline has a FMV of $30,000 and a basis to the Corporation of $26,000. Miranda's basis for her stock is $2,000. Carolines basis for her stock is $1,000. there are no other distributions this year. How much dividend income does miranda recognize?

Ezell Corporation (a calendar C Corp) had a $100,000 of accumulated E&P at the beginning of the year and $200,000 of current E&P for the year before considering the impact of the following. on July 1, Ezell Corportation distributed a parcel of land worth $120,000 to its sole shareholder. The land had a $60,000 adjusted basis to Ezell Corporation and was subject to a $16,000 mortgage, which the shareholder assumed. there were no other distributions the year. What is Ezell's E&P on the first day of the new year?

Torah, an Individual owning 35% of the stock, received a liquidating distribution from Muyambo Corporation (a C Corp). Torah's basis in the Muyambo stock was $10,000. In exchange for givign up all her Muyambo stock, Torah received $5,000 cash and property (with an $8,000 basis to the corporation and a $14,000 FMV) that was subject to a $3,000 mortgage torah assumed. What is Torah's Gain?