49. LO.2, 3, 6 Tan Corporation purchased depreciable tangible personal property for

$100,000 in 2011 and immediately expensed the entire cost under § 168(k). In 2013, when the property was worth $80,000, Tan distributed it as a dividend to the corporation’s sole shareholder. What was the tax status of this property for Tan? What is the nature of the recognized gain or loss from the distribution of the property?