The following facts apply to questions 14 and 15. Mallard Corporation is a calendar year. Mallard's E & P for each of the past 5 years is listed below. In 2005 $100,000 cash distributed. No other distributions were made during the prior years. what is accumulated earnings and profits as of January 1, 2009? Accumulated E & P as of January 1, 2009 = $ __________ Now assume that No cash distributions have been made in any prior year. In 2008 land (basis of $350,000, fair market value of $400,000) was distributed. Assume that E&P for year 2008 does NOT include the gain or loss realized on distribution of the land. What is accumulated earnings and profits as of January 1, 2009? Accumulated E & P as of January 1, 2009 = $ __________ Falcon Corporation has $200,000 of current E & P (year 2010) and a deficit in accumulated E & P of $90,000. If Swan pays a $180,000 distribution to its sole shareholder on July 1, 2010, how much dividend income should the shareholder report? Dividend income = $ ____________ The following facts apply to questions 17 and 18. On January 1, 2009, Gull Corporation (a calendar year taxpayer) has accumulated E & P of $200,000. During year 2009 Gull incurs a net loss of $300,000 from operations that accrues ratably. For year 2009 no adjustments are required for computing current E & P. On June 30, 2009, mid-point of the year, Gull distributes $120,000 to Sharon, its sole shareholder, who has a basis in her stock of $75,000. How much dividend income is recognized by Sharon? Dividend income to be recognized = $ __________________