QUESTION 32 Deli Corporation's earnings and profits for 2019, its first year of operations, were $20,000. In December it distributed to its individual shareholder A land with a basis of $10,000 and fair market value of $50,000. What is the amount of the distribution that will be taxed as a dividend to the shareholder? a. -O- b. $10,000 c. $20,000 d. $20,000 QUESTION 33 Deli Corporation's accumulated earnings and profits at January 1, 2019 were a deficit of ($50,000) and its 2019 current earnings and profits are $60,000. In December 2019 it distributed to its individual shareholder A cash of $80,000. Prior to the distribution, A's basis in Deli Corporation was $10,000. What capital gain results to A on the distribution? a. -O- b. $5,000 c. $10,000 d. $15,000