2. ABC Inc., a calendar year, accrual basis taxpayer, makes the following dividend-type distribution. On April 3, 2021, ABC distributes land to its sole shareholder. The land has a fair market value of $350,000 and a basis of $270,000. The land has a $190,000 mortgage liability attached, which the shareholder assumes. This is the only distribution during the year. ABC has total E&P of $10,000 before considering the effects of this distribution. The shareholder has basis in her stock of $120,000. Describe the tax consequences to the shareholder, ABC Inc., and ABCs E&P as a result of this distribution.