1. Xyz corporation owns 30% of abc corporation's stock. On july 4th, abc corporation with current e & p of $320,000 distributes land (fmv of $100,000: basis of $160,000) to xyz. The land is subject to a mortgage of $80,000, which abc assumes.

1. how much is xyz taxed on the distribution?

what is abc corporation's e & p after the distribution?