On January 1, Green Corporation (a calendar year taxpayer) has E&P of $40,000 and generates no additional E&P during the year. On the last day of the current year, the corporation distributes $80,000 to its sole shareholder, Wayne (basis in stock of $20,000). Determine the effect of the distribution on Waynes taxable income; on Waynes basis in the Green Corp stock; and explain what happens to any balance from the distribution (i.e. how does Wayne treat such for tax purposes?)