Rocky Corporation,an S Corporation,reports the Following Results for the Current

Rocky Corporation,an S corporation,reports the following results for the current year:
$\begin{array} { l } \text {Ordinary income }&\$70,000\\ \text {Long-term capital gain }&20,000\\ \text {Municipal bond interest income }&10,000\\ \text {Domestic corporate dividends }&6,000\\ \text {Charitable contributions }&16,000\\\end{array}$
Rocky's AAA and accumulated E&P balances at the beginning of the year are $80,000 and $50,000,respectively.Rocky makes a $100,000 cash distribution to its sole shareholder on June 1 and a second $100,000 cash distribution on December 1.The shareholder's basis for Rocky stock on January 1 was $120,000.Discuss the tax consequences of these transactions.