! Required information Problem 22-73 (LO 22-5) (Static) [The following information applies to the questions displayed below.] Miley decided to terminate the S corporation election of her solely owned corporation on October 17, 2023 (effective immediately), in preparation for taking it public. Miley had previously elected S corporation status on January 1, 2022. At the time of the election, the corporation had an accumulated adjustments account balance of $150,000 and $450,000 of accumulated Earnings and profit from prior C corporation years, and Miley had a basis in her S corporation stock of $135,000. During 2024, Miley's corporation reported $0 taxable income or loss. Also, during 2024 the corporation made distributions to Miley of $80,000 and $60,000. How are these distributions taxed to Miley assuming the following? Note: Leave no answer blank. Enter zero if applicable. Enter N/A if not applicable. Problem 22-73 Part c (Static) c. The first distribution was a property (noncash) distribution (fair market value of distributed property equal to basis) and was paid on June 15, 2024; the second distribution was a cash distribution, and was paid on September 30, 2024.