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your attorney best friend had gotten together with three other non-attorney buddies to invest in a California style pizza kitchen corporation. They each originally contributed $100 for 25 shares each. The total contribution was $400, and they received 100 shares in total. The shareholders are otherwise unrelated The corporation has current E&P in 2020 of $200 and $-0- accumulated E&P. Apply IRC Sec. 302(b)(2) to each of the following transaction. Explain the tax consequences to the following with the two alternatives: 1) Your attorney best friend 2) The corporation 3) The E&P of the corporation 4) And the other three shareholders. a) The corporation considers redeeming 15 shares of the attorney's share of 25 shares and distributing $60 of cash to him in return. b) The corporation considers redeeming 15 shares of the attorney's share of 25 shares and distributing $60 of property to him (with a basis of $10 to the corporation) in return. your attorney best friend had gotten together with three other non-attorney buddies to invest in a California style pizza kitchen corporation. They each originally contributed $100 for 25 shares each. The total contribution was $400, and they received 100 shares in total. The shareholders are otherwise unrelated The corporation has current E&P in 2020 of $200 and $-0- accumulated E&P. Apply IRC Sec. 302(b)(2) to each of the following transaction. Explain the tax consequences to the following with the two alternatives: 1) Your attorney best friend 2) The corporation 3) The E&P of the corporation 4) And the other three shareholders. a) The corporation considers redeeming 15 shares of the attorney's share of 25 shares and distributing $60 of cash to him in return. b) The corporation considers redeeming 15 shares of the attorney's share of 25 shares and distributing $60 of property to him (with a basis of $10 to the corporation) in return