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Miley decided to terminate the S corporation election of her solely owned corporation on October $17,2021($effective

immediately$),$ in preparation for taking it public. Miley had previously elected S corporation status on January $1,2020.$ At

the time of the election, the corporation had an accumulated adjustments account balance of $$219,000$ and $$507,500$ of

accumulated Earnings and profit from prior C corporation years, and Miley had a basis in her S corporation stock of

$$186,750.$ During $2022,$ Miley's corporation reported $$0$ taxable income or loss. Also, during $2022$ the corporation made

distributions to Miley of $$114,500$ and $$83,000.$

How are these distributions taxed to Miley assuming the following?

Note: Leave no answer blank. Enter zero if applicable. Enter N$/$A if not applicable.

B$.$Both distributions are in cash. The first was paid on June $15,2022,$ and the tsecond was paid on September $30,2022.$

C$.$ The first distribution was property $($noncash$)$ distribution $($fair market value of distributed property equal to basis$)$ and was paid on June $15,2022$; the second distribution was a cash distribution, and was paid on September $30,2022.$