On January 1, 2023, Joan, a shareholder of Carleton, Inc., received a distribution of property from the corporation. The property had a fair market value of $100,000 and an adjusted basis of $80,000. On January 1, 2023, Carleton (a calendar-year corporation) had no current earnings and profits (E\&P) and a $(300,000) deficit in accumulated earnings and profits (AEP). Joan has a basis in Carleton stock of $30,000. Joan has substantial income from other sources; therefore, she will be in the 37% marginal tax bracket in 2023 . a. Determine the tax consequences to Joan from receiving this distribution of property. b. After the distribution, what is Joan's basis in Carleton, Inc. stock? c. What impact (if any) will this distribution have on the taxable income of Carleton, Inc. in 2021? d. What is the ending balance in Carleton, Inc.'s Accumulated E\&P after this distribution of property