12. Deli Corporation's earnings and profits for 2020, its first year of operations, were $60,000. In December it distributed to its individual shareholder A land with a basis of $20,000 and fair market value of $50,000. What is the amount of the distribution that will be taxed as a dividend to the shareholder? a. -O- b. $20,000 C. $50,000 d. $60,000 13. Deli Corporation's earnings and profits for 2020, its first year of operations, were $60,000. In December it distributed to its individual shareholder A cash of $75,000. Prior to the distribution, A's basis in Deli Corporation was $10,000. What capital gain results to A on the distribution? a. -O- b. $5,000 C. $10,000 d. $15,000