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Required information [The following information applies to the questions displayed below.] Lone Star Company is a calendar-year corporation, and this year Lone Star reported $140,000

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Required information [The following information applies to the questions displayed below.] Lone Star Company is a calendar-year corporation, and this year Lone Star reported $140,000 in current E\&P that accrued evenly throughout the year. At the beginning of the year, Lone Star's accumulated E\&P was $16,800. At the beginning of the year, Lone Star's sole shareholder was Matt. Lone Star declared $42,000 in cash distributions on each of the following dates: March 31, June 30, September 30, and December 31. Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. a. How much of the $168,000 in total distributions will be treated as dividends? Answer is complete but not entirely correct. c. If Matt's basis in the Lone Star shares was $7,160 at the beginning of the year, how much capital gain will he recognize on the sale and distributions from Lone Star

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