0 Required information The following information applies to the questions displayed below Aggie Corporation made a distribution of $589,000 to Rusty Cedar in partial liquidation of the company on December 31 an individual, owns 100 percent of Aggie Corporation. The distribution was in exchange for 50 percent e company. At the time of the distribution, the shares had a fair market value of $173 per share. of Rusty's stock in th Rusty' distribution. s income tax basis in the shares was $25 per share. Aggie had total E&P of $8,485,000 at the time of the a. What is the amount and character (capital gain or dividend) of any income or gain recognized by Rusty as a result of the partial liquidation? per share b. Assuming Aggie made no other distributions to Rusty during the year, by what amount does Aggie reduce its total E&P as a result of the partial liquidation