Name(s): Part 1: Dividend distributions. At the beglnning of the current year, Cole Corporation has $20,000 of accumulated E&P. Cole's current E&P Is $30,000. Bob Is the sole shareholder In Cole Corporation He purchased hls stock flve years ago and hls stock basls Is $47,500. On March 1, Cole distributes $20,000 In cash to Bob. On July 1, Cole distributes an additional $24,000 In cash to Bob On August 1, Bob sells all of his Cole stock to Lynn for $50,000. On October 1, Cole dlstributes $36,000 In cash to Lynn. Required: a) What is the amount and character of income that Bob must reccognize from the cash distributions? b) What is the amount and character of income that Lynn must recognize from the cash distributions? c) What is Lynn's ending stock basis? d) What is the amount and character of income that Bob must recognize from the sale of his stock