Topic 6 Assignment 23 ! Part 1 of 3 0.6 points eBook References Saved Required information [The following information applies to the questions displayed below.] Miley decided to terminate the S corporation election of her solely owned corporation on October 17, 2020 (effective immediately), in preparation for taking it public. Miley had previously elected S corporation status on January 1, 2019. At the time of the election, the corporation had an accumulated adjustments account balance of $210,000 and $500,000 of accumulated E&P from prior C corporation years, and Miley had a basis in her S corporation stock of $180,000. During 2021, Miley's corporation reported $0 taxable income or loss. Also, during 2021 the corporation made distributions to Miley of $110,000 and $80,000. How are these distributions taxed to Miley assuming the following? (Leave no answer blank. Enter zero if applicable. Enter N/A if not applicable.) a. Both distributions are in cash. The first was paid on June 15, 2021, and the second was paid on November 15, 2021. June 15 November 15 Amount Taxable Taxable as Dividend Help Save & Exit Submit Check my work