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QUESTION - Earnings & Profits

1. Sopwith Diesel Company had E&P of $32,000 when it distributed land held as an investment with a basis of $10,000, a value of $63,000, but subject to a liability of $22,000 to an individual shareholder. After the distribution, how much is Sopwith's E&P?

2. Yoen, Inc. has an accumulated deficit of $15,000. This year it distributes $20,000 to its shareholders. The current year's books reveal the following items:

Taxable income $12,000

Proceeds from key-man life insurance $10,000

Interest from Iowa City bonds $5,000

Capital loss $4,000

How much of the distribution is a dividend? Show your work?

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