Please provide a thorough explanation.

Whether Corporation is owned by John Smith, its sole shareholder. John has a $20,000 basis in his Whether Corporation stock. John is in the 37% tax bracket. Whether Corporation is in the 21% tax bracket. Whether Corporation has the following balances as of December 31, 2021. - Accumulated Earnings and Profits (AEP) ($500,000) - Current Earnings and Profits $80,000 c. Use the facts in part a, but assume that rather than cash, John received an asset with a fair market value of $160,000 and a basis to the corporation of $120,000. - How much tax would John owe from this distribution? - What are the tax implications to Whether Corporation? (This is tricky)