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On December 3 1 of the current year, LAC Corporation had accumulated earnings and profits ( E&P ) of $ 2 , 0 0 0

On December 31 of the current year, LAC Corporation had accumulated earnings and profits (E&P) of $2,000 before a dividend declaration and distribution. On December 31, LAC Corp distributed cash of $5,000 and a vacant parcel of land to Avery, LAC Corp's only shareholder. At the date of the distribution, the land had a basis of $15,000 and a fair market value of $35,000. What was \very's dividend income in the current year from these distributions, assuming these were the only distributions LAC Corp made?
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