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3. At the beginning of the current (non-lesp) year, Hans owns all of Ocean Point Corporation Outstanding stock. His basis in the stock is $65,000. On July 1, he sells all his stock to Tim for $145.000. During the year, Ocean Point, a calendar year taxpayer, makes two cash distributions: $55.000 on March 1 to Hats and $100,000 on September 1 to Tim. Consider the following independent situations How are these distributions treated in each independent situation? What are the amount and character of Hans' gain on his sale of stock to Tim? What is Tim's basis in his Ocean Point stock at the end of the year? a. Current E&P of $46,000: accumulated E&P of $24,000 b. Current E&P of $105.000; accumulated E&P (deficit) of $(46,000) C. Current E&P (deficit) of $(46,500), accumulated E&P of $126,000, Begin by completing the table for the distributions. (Complete all answer boxes. For mero amounts, make sure to enter"0" in the appropriate cell. Use a 365-day year for computations. Do not u ntermediary calculations. Only round the amount you input in the cell to the nearest dollar) Situation Individual Date Distribution Current Accumulated Dividend Return amount E and P E and P income Of capital Hans Mar 1 Tim Sep 1 Total 3. At the beginning of the current (non-lesp) year, Hans owns all of Ocean Point Corporation Outstanding stock. His basis in the stock is $65,000. On July 1, he sells all his stock to Tim for $145.000. During the year, Ocean Point, a calendar year taxpayer, makes two cash distributions: $55.000 on March 1 to Hats and $100,000 on September 1 to Tim. Consider the following independent situations How are these distributions treated in each independent situation? What are the amount and character of Hans' gain on his sale of stock to Tim? What is Tim's basis in his Ocean Point stock at the end of the year? a. Current E&P of $46,000: accumulated E&P of $24,000 b. Current E&P of $105.000; accumulated E&P (deficit) of $(46,000) C. Current E&P (deficit) of $(46,500), accumulated E&P of $126,000, Begin by completing the table for the distributions. (Complete all answer boxes. For mero amounts, make sure to enter"0" in the appropriate cell. Use a 365-day year for computations. Do not u ntermediary calculations. Only round the amount you input in the cell to the nearest dollar) Situation Individual Date Distribution Current Accumulated Dividend Return amount E and P E and P income Of capital Hans Mar 1 Tim Sep 1 Total