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Corporation Y was formed on October 1, 20133 by 2 shareholders who each contributed $20,000 cash. Shareholder A is a corporation while shareholder B is an individual. Corporation Y has revenues in 2013 of $50,000 and salary expenses of $20,000. At the end of the 2013 tax year. Corporation Y receives a K-1 partnership in which it owns 50%. The K-1 reports municipal interest income of $10,000 and low income housing credits of $2,000. Corporation Y has an effective tax rate of 40% for all years and has no business activity in 2014. On January 1, 2014 Corporation Y distributes $8,000 (each) in cash to both shareholder A&B.

Corporation Y has accumulated E&P immediately before the distribution of ?

Shareholder A has taxable income as a result of the distribution of: ?

Shareholder B's basis in Corporation Y's stock immediately after the distribution is: ?

Following the distribution, Corporation Y has accumulated earnings and profit of: ?