X Corp has accumulated E&P of $50,000 at the beginning of the year and current E&P of $400,000. It makes a nonliquidating distribution to its shareholders of property with a basis of $20,000 and a fair market value of $120,000. What is X Corps accumulated E&P at the end of the year after the distribution? SHOW AND EXPLAIN YOUR COMPUTATIONS. Edit View Insert Format Tools Table V 12pt Paragraph | BI U Ave Tv | 0 26 O words