$3.$A tract of land is distributed by Marlo Corporation to Martha Moore as a dividend. Immediately prior to the distribution, the land$$s basis is $$40,000,$ its value is $$80,000,$ and it is subject to a mortgage of $$55,000.$ Marlo Corp$$s current E&P prior to this distribution was $$350,000.$ Assume Marlo Corp paid no tax on the distribution.

$($A$)$ How much is Marol$$s current E&P after this distribution?

$($B$)$ How much is Marth$$s dividend income?

$($C$)$ What is Marth$$s basis in the land received?