White Corporation is a calendar-year taxpayer. All of the stock is owned by Wilhelmina. Her basis for the stock is $25,000. On July 1, White Corporation distributes $60,000 to Wilhelmina. Determine the tax consequences of the cash distribution to Wilhelmina in each of the following independent situations:

Current E&P Accumulated E&P

1. $15,000 $50,000
2. 25,000 ( 25,000)
3. (15,000) $50,000
4. (10,000) ( 25,000)