Viking Corporation is owned equally by Sven and his wife Olga, each of whom hold 100 shares in the company. Viking redeemed 70 shares of Sven's stock for $1,600 per share on December 31, 20X3. Viking has total E&P of $400,000. What are the tax consequences to Viking because of the stock redemption? Multiple Choice No reduction in E&P because of the exchange. A reduction of $112,000 in E&P because of the exchange. A reduction of $140,000 in E&P because of the exchange. A reduction of $280,000 in E&P because of the exchange