The following information pertains to ABC Corp. Accumulated earnings and profits at January 1 of the current year Earnings and profits for the current year Cash distributions to shareholders during the current year 80,000.00 120,000.00 220,000.00 What is the total amount of distributions taxable as dividend income to ABC's shareholders in the current year? Be sure to explain your answer and show your work Sarah is the vice-president and 42 percent owner of Little Company. Her basis in Little Company at the beginning of the year is $200,000. Little Company suffers a net operating loss of $85,000 during the current year. Sarah receives a $40,000 cash distribution from Little Company during the year. #2 B Determine the tax effect of the company's results on Sarah if Little Company is a C corporation #2 C Determine the tax effect of the company's results on Sarah if Little Company is an corporation