Cavalier corporation had current and accumulated e& p of $500,000 at december 31 20x3. on december 31, the company made a distribution of land to its sole shareholder, tom jefferson. the land's fair market value was $200,000 and its tax and e& p basis to cavalier was $50,000. the tax consequences of the distribution to cavalier in 20x3 would be

Warren company plans to depreciate a new building using the double declining-balance depreciation method. the building cost $870,000. the estimated residual value of the building is $57,000 and it has an expected useful life of 20 years. assuming the first year's depreciation expense was recorded properly, what would be the amount of depreciation expense for the second year?