Pomona Corporation is a calendar year taxpayer. Sean owns one-third (100 shares) of Pomona stock. His basis in the stock is $15,000. Sara owns two-thirds (200 shares) of Pomona stock. Her basis in the stock is $45,000. On June 10 of the current year, Pomona distributes $30,000 to Sean and $50,000 to Sara. Read the requirements. Requirement a. Determine the tax consequences of the cash distributions to Sean and Sara if current E&P is $55,000 and accumulated E&P is $210,000. (Complete all input fields. For zero amounts, make sure to enter "0" in the appropriate input field. Use parentheses or a minus sign for losses.) Sean Sara Distribution Requirements Dividend income Remaining distribution Return of capital Determine the tax consequences of the cash distributions to Sean and Sara in each of the following independent situations: a. Current E&P of $55,000; accumulated E&P of $210,000. b. Current E&P of $26,000; accumulated E&P of $15,000. Capital gain (loss) Remaining stock basis Print Done Pomona Corporation is a calendar year taxpayer. Sean owns one-third (100 shares) of Pomona stock. His basis in the stock is $15,000. Sara owns two-thirds (200 shares) of Pomona stock. Her basis in the stock is $45,000. On June 10 of the current year, Pomona distributes $30,000 to Sean and $50,000 to Sara. Read the requirements. Requirement a. Determine the tax consequences of the cash distributions to Sean and Sara if current E&P is $55,000 and accumulated E&P is $210,000. (Complete all input fields. For zero amounts, make sure to enter "0" in the appropriate input field. Use parentheses or a minus sign for losses.) Sean Sara Distribution Requirements Dividend income Remaining distribution Return of capital Determine the tax consequences of the cash distributions to Sean and Sara in each of the following independent situations: a. Current E&P of $55,000; accumulated E&P of $210,000. b. Current E&P of $26,000; accumulated E&P of $15,000. Capital gain (loss) Remaining stock basis Print Done