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On 1/1/12 ABC corporation had accumulated E&P of 250,000 and current E&P for 2012 amounted to 80,000. On July 1, 2012 the corporation distributed 100,000

On 1/1/12 ABC corporation had accumulated E&P of 250,000 and current E&P for 2012 amounted to 80,000. On July 1, 2012 the corporation distributed 100,000 to its sole shareholder Amy. Amy's basis in ABC is 50,000. How is the distribution taxed to Amy?


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