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Problem 1 Pebble Corporation, an accrual basis taxpayer, has struggled to survive since its formation six years ago. As a result, it has a deficit in accumulated E \& P at the beginning of the year of $340,000. This year, however, Pebble earned a significant profit; taxable income was $240,000. Consequently, Pebble made two cash distributions to Martha, its sole shareholder: $150,000 on July 1 and $200,000 December 31 . The following information might be relevant to determining the tax treatment of the distributions. This year's taxable income included a net operating loss carryover of $50,000. The corporation's Federal income tax liability is $72,000 for the year. Pebble paid nondeductible fines and kickbacks of $10,000. The company also paid nondeductible life insurance premiums of $22,000. The cash surrender value of the corporate-owned life insurance policies increased by $11,000 during the year. The company sold a piece of equipment during the year and reported a $1231 gain of $105,000 and recapture income under $1245 of $35,000. There were no other $1231 transactions during the year, but the corporation did have a capital loss carryforward of $30,000. MACRS depreciation exceeds E& P depreciation by $14,000. In addition, an election under $179 was made this year for $18,000 of assets. Required: a. Computer Pebble's E \& P for the current year. Clearly show your work and label your answer. b. What are the tax consequences of the two distributions made during the year to Martha? Martha's stock basis at the beginning of the year is $74,000. Be specific and explain your answer. During the current year, Zeta Corporation distributes the assets listed below to its sole shareholder, Susan. For each asset listed, determine the gross income recognized by Susan, her basis in the asset, the amount of gain or loss recognized by Zeta, and the effect of the distribution on Zeta's E\&P. Assume that Zeta has an E\&P balance exceeding the amount distributed and is subject to a 21% marginal tax rate. Unless stated otherwise, adjusted bases for taxable income and E\&P purposes are the same. a. A parcel of land used in Zeta's business that has a $200,000FMV and a $125,000 adjusted basis. b. Assume the same facts as in Part a except that the land is subject to a $140,000 mortgage. c. A building used in Zeta's business having an original cost of $225,000, a $450,000 FMV, and a $150,000 adjusted basis for taxable income purposes. Zeta has claimed $75,000 of depreciation for taxable income purposes under the straight-line method. Depreciation for E\&P purposes is $60,000