nstructions 10F Question 29 Teepee Corporation reported taxable income of $700,000 from operations for 2019. During the year, the company made a distribution of land to its sole shareholder, Melissa McCarthy. The land's fair market value was $125,000 and its tax and E&P basis to Teepee was $65.000. Melissa assumec a mortgage attached to the land of $25,000. Teepee Corporation's accumulated E&P at the beginning of the year was $850,000 a. Compute Teepee's total taxable income and federal income tax paid because of the distribution. b. Using your solution from a, compute Teepee's accumulated E&P at the end of 2019. Previous Next