The following facts apply to questions 14 and 15. Mallard Corporation is a calendar year. Mallard's E&P tor each of the past 5 years is listed below. 2008 $200,000 2007 $195, 000 2006 $340,000 2005 $ 80,000 14. In 2005 $100,000 cash was distributed. No other distributions were made during the prior years. What is accumulated earnings and protits as of January 1, 2009? Accumulated E&P as of January 1, 2009-s 15. Now assume that NO cash distributions have been nade in any prior year. In 2008 land (basis of $350,000, fair narket 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 accunulated earnings and profits as of January 1, 2009? Accumulated E & P as of January 1, 2009- 16. Falcon Corporation has $200,000 of current E&P (year 2010) and a defieit in accumulated E&Pof $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 accunulated 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 ot $75,000. 17. How much dividend income is recognized by Sharon? Dividend income to be recognized by Sharon $