Upton, Inc. is currently an S corporation. The election was effective on January 1, 2018 and signed by its sole (unmarried at the time) shareholder, Justin. At the date of the Selection, Upton had accumulated E&P of $900,000. During 2018, Upton incurred a loss for tax purposes of $40,000 and made net taxable income in 2019 of $250,000. Justin's outside basis at the beginning of 2018 was $45,000. On December 31, 2019, Upton makes a distribution of property to Justin. The inside basis of the property was $150,000 and the fair market value was $1,150,000. Upton also distributed cash to Justin on the same day of $100,000. How much taxable income (regardless of type) will Justin have to recognize as a result of the distributions? $0 O $1.040.000 $40,000 $900.000 In a section 331 liquidation, which of the following tax attributes will carryover to the shareholder/owners: Net operating losses O Capital Losses R&D Credits All of the Above None of the Above