Green Corporation Is a Calendar-Year Taxpayer $\begin{array}{ccc}&\text {Current E\&P}&\text {Accumulated E\&P}\\\end{array}$

Essay

Green Corporation is a calendar-year taxpayer. All of the stock is owned by Evan. His basis for the stock is $35,000. On March 1 (of a non-leap year), Green Corporation distributes $120,000 to Evan. Determine the tax consequences of the cash distribution to Evan in each of the following independent situations:
$\begin{array}{ccc}&\text {Current E\&P}&\text {Accumulated E\&P}\\\end{array}$
A) $\begin{array}{ccc}& \$ 30,000 &&&& \$ 100,000 \\\end{array}$
B) $\begin{array}{ccc}& 50,000 &&&&& (50,000) \\\end{array}$
C) $\begin{array}{ccc} & (73,000) &&&&& 40,000 \\\end{array}$
D) $\begin{array}{ccc}& (20,000) &&&& (50,000)\end{array}$