Tennis, Corporation, a calendar-year corporation, had a deficit in accumulated earnings and profits of $(800,000) and a positive balance in current earnings and profits of $100,000. On December 31, 2021, Tennis, Corporation distributed a building to Darrel, its sole shareholder. The building had a fair market value of $500,000 and an adjusted basis to the corporation of $150,000. Darrel also assumed the $300,000 mortgage on the building. Darrel is in the 37% tax bracket. Determine the tax consequences to Darrel from this distribution of building and mortgage. Be specific-and show your calculations. b. What are the tax consequences to Tennis, Corporation from this distribution? After this distribution, what are the earnings and profits of Tennis, Corporation?