Required information

Problem $18-46($LO $18-2)($Static$)$

Skip to question

$[$The following information applies to the questions displayed below.$]$

Tiger Corporation reported taxable income of $$500,000$ from operations this year. During the year, the company made a distribution of land to its sole shareholder, Mike. The land's fair market value was $$75,000,$ and its tax and E&P basis to Tiger was $$125,000.$ Mike assumed a mortgage attached to the land of $$15,000.$ The company had accumulated E&P of $$750,000$ at the beginning of the year.

Problem $18-46$ Part a $($Static$)$

a$.$ Compute Tiger's taxable income and federal income tax.