Lanco Corporation, an accrual-method corporation, reported taxable income of $2,430,000 this year. Included in the computation of taxable income were the following items: MACRS depreciation of $218,500. Straight-line depreciation would have been $125,000. A net capital loss carryover of $12,900 from last year. A net operating loss carryover of $27,800 from last year. $74,650 capital gain from the distribution of land to the company’s sole shareholder (see below). Not included in the computation of taxable income were the following items: Tax-exempt income of $8,400. Life insurance proceeds of $254,000. Excess current-year charitable contribution of $3,200 (to be carried over to next year). Tax-deferred gain of $22,600 on a like-kind exchange. Federal income tax refund from last year of $35,400. Nondeductible life insurance premium of $4,600. Nondeductible interest expense of $3,000 on a loan used to buy tax-exempt bonds. Lanco's accumulated E&P at the beginning of the year was $3,280,000. During the year, Lanco made the following distributions to its sole shareholder, Luigi (Lug) Nutt: June 30: $90,500. September 30: Parcel of land with a fair market value of $88,750. Lanco’s tax basis in the land was $14,100. Lug assumed an existing mortgage on the property of $23,400. Required: Compute Lanco’s current E&P. Compute the amount of dividend income reported by Lug Nutt this year as a result of the distributions. Compute Lanco’s accumulated E&P at the beginning of next year.