Miley decided to terminate the s corporation election of her sole owned on October 17, 2018. In preparation for taking public. At the corporation had accumulated adjustion account balance of $150,000 and $450,000 of accumulated E&P from prior C corporation years. Has a basic in her s corporation stock of $135,000.. During 2019 Miiley, corporation reported o tax able oincome income or loss. Also during 2019 the distribution taxed to Miley.