shareholders. Erin and Frank, each of whom owms 500 sharen of Kinney's ptock. kinney s nonseparabely stated ordinary income for the year is 55,0000 Kininy distributes 36,000 to each shareholder on July 1, and it detrbutes anoeher $3,000 to each thareholder on December 22. How sre the thareholders taxed on the distributions? Ignore the 200 biel deduction. Round any diviston to five decimal places. If required, round final answers to the nearest dollar. Erin and rank each report 7 dividend income for the July 1 distribution and each for the December 21 distrbution. Assuming that the shareholders have sufficient basis in their stock, Erin and frank oach recelve a taxnfree distribution from Aus