Nondeductible interest expense of $1.000 on a loan used to buy tax-exempt bonds Lanco's accumulated E&P at the beginning of the year was $2400,000. During the year, Lanco made the following distributions to its sole shareholder, Luigi Lug) Nutt June 30 $50.000 . September 30: Parcel of land with a tail market value of $75,000 Lanco's tax basis in the land was $10,000. Lug assumed an existing mortgage on the property of $15,000. Required: a. Compute Lanco's current E&P b. Compute the amount of dividend income reported by Lug Nutt this year as a result of the distributions c. Compute Lanco's accumulated E&P at the beginning of next year. $ 110,000 CurrE&P Dividend income Accumulated EP beginning of dyear Prey tot 15 11 Next > e 2:55 AM 12120 mit a ce E - here to search Nondeductible interest expense of $1.000 on a loan used to buy tax-exempt bonds Lanco's accumulated E&P at the beginning of the year was $2400,000. During the year, Lanco made the following distributions to its sole shareholder, Luigi Lug) Nutt June 30 $50.000 . September 30: Parcel of land with a tail market value of $75,000 Lanco's tax basis in the land was $10,000. Lug assumed an existing mortgage on the property of $15,000. Required: a. Compute Lanco's current E&P b. Compute the amount of dividend income reported by Lug Nutt this year as a result of the distributions c. Compute Lanco's accumulated E&P at the beginning of next year. $ 110,000 CurrE&P Dividend income Accumulated EP beginning of dyear Prey tot 15 11 Next > e 2:55 AM 12120 mit a ce E - here to search