Required information [The following information applies to the questions displayed below.) Last year, Miley decided to terminate the corporation election of her solely owned corporation on October 17, 2018 (effective immediately), in preparation for taking it public. At the time of the election, the corporation had an accumulated adjustments account balance of $159,000 and $457,500 of accumulated E&P from prior C corporation years, and Miley had a basis in her S corporation stock of $141,750. During 2019, Miley's corporation reported $0 taxable income or loss. Also, during 2019 the corporation made distributions to Miley of $84,500 and $63,000. How are these distributions taxed to Miley assuming the following? (Leave no answer blank. Enter zero if applicable. Enter N/A if not applicable.) c. The first distribution was a property (noncash) distribution (fair market value of distributed property equal to basis) and was paid on June 15, 2019; the second distribution was a cash distribution, and was paid on September 30, 2019. Amount Taxable Taxable as June 15 September 30 b. Both distributions are in cash. The first was paid on June 15, 2019, and the second was paid on September 30, 2019. Amount Taxable Taxable as June 15 September 30 a. Both distributions are in cash. The first was paid on June 15, 2019, and the second was paid on November 15, 2019. Amount Taxable Taxable as June 15 November 15 Required information [The following information applies to the questions displayed below.) Last year, Miley decided to terminate the corporation election of her solely owned corporation on October 17, 2018 (effective immediately), in preparation for taking it public. At the time of the election, the corporation had an accumulated adjustments account balance of $159,000 and $457,500 of accumulated E&P from prior C corporation years, and Miley had a basis in her S corporation stock of $141,750. During 2019, Miley's corporation reported $0 taxable income or loss. Also, during 2019 the corporation made distributions to Miley of $84,500 and $63,000. How are these distributions taxed to Miley assuming the following? (Leave no answer blank. Enter zero if applicable. Enter N/A if not applicable.) c. The first distribution was a property (noncash) distribution (fair market value of distributed property equal to basis) and was paid on June 15, 2019; the second distribution was a cash distribution, and was paid on September 30, 2019. Amount Taxable Taxable as June 15 September 30 b. Both distributions are in cash. The first was paid on June 15, 2019, and the second was paid on September 30, 2019. Amount Taxable Taxable as June 15 September 30 a. Both distributions are in cash. The first was paid on June 15, 2019, and the second was paid on November 15, 2019. Amount Taxable Taxable as June 15 November 15