Ramses, Inc., an S Corporation, made a distribution of $85,000 during the year to its sole shareholder, Tut. Tut had a beginning adjusted basis in his stock of $50,000. During the year, 1, Tut had capital gains of $50,000, ordinary losses of $40,000, tax-exempt income of 15,000 and non-deductible expenses of $30,000. How much of the distribution is taxable to Tut