Cedar Corporation Is a Calendar Year Taxpayer Formed in 2012

question 107

Multiple Choice

Cedar Corporation is a calendar year taxpayer formed in 2012. Cedar's E & P for each of the past 5 years is listed below. 2016
$28,000
2015
$40,000
2014
$39,000
2013
$68,000
2012
$16,000
?
Cedar Corporation made the following distributions in the previous 5 years. $\begin{array}{llr} \text {2015 } & \text { Land (basis of \( \$ 70,000 \) , fair market value of \( \$ 80,000 \) ) }\\ \text { 2012 } & \$20,000\text { cash }\\\end{array}$
?
Cedar's accumulated E & P as of January 1, 2017 is:

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