20-34 Cash and Property Dividends. X Corporation is owned by T (an individual) and Z Corporation. X Corporation declared and paid the following dividends: $12,000 cash and a printing press with a fair market value of $12,000 and an adjusted basis of $5,000. X Corporation's earnings and profits exceed $25,000. Consider each alternative independently. a. If Z Corporation received the cash and T received the printing press, how much dividend income would each report? b. If T received the cash and Z Corporation received the printing press, how much dividend income would each report? c. What are the tax consequences to X Corporation of the distributions? d. What is the effect of the distribution on corporate earnings and profits