corporate tax hw problem..check my work please?

Accounting
Tutor: None Selected Time limit: 1 Day

X inc distributed following property on Dec 15 2013 to its only s/h Joe. Only distribution made this year. At time of distribution X inc had a deficit in accumulate E&P of $32,000 and had current E&P (excluding the property distribution) of $35,000.  FMV of property distributed= $137,000, Adj. tax basis of property= $145,000, liability distributed with property= $100,000, Joe's stock basis prior to distribution= $12,000

a) How much does X inc E&P decrease from the distribution of the property? ($45,000? or is it limited to $35,000?)  

b)X inc's accumulated E&P on 1/1/14? (still a deficit of $32,000?)  

c)how should joe treat the distribution on his 2013 tax return? (dividend income?)  

d)Joes' basis in the property received? ($137,000? bc it's equal to the FMV?)  

e)Joe's stock basis after the distribution? ($2,000?...12,000-10,000)  

f)Joe's journal entry recording the receipt of the property?

Jul 13th, 2015

Thank you for the opportunity to help you with your question!

I CAN SEE YOUR WORK ALL GOOD....ANYTHING ELSE?

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jul 13th, 2015

for a) would it be 45 or 35,000?

Jul 13th, 2015

would the journal entry be:

Basis Property   145,000

Debt               100,000           

dividend income   35,000

return of basis      10000

Jul 13th, 2015

yess

Jul 13th, 2015

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Jul 13th, 2015
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Jul 13th, 2015
Dec 10th, 2016
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