3. In the current year, Warbler Corporation (E&P of $250,000) made the following property distributions to its shareholders (all corporations): Fair Market Adjusted Basis Value Pink Corporation stock (held for investment) $150,000 $120,000 Non-LIFO inventory 80,000 110,000 Warbler Corporation is not a member of a controlled group. As a result of the distribution: a. The shareholders have dividend income of $200,000. b. The shareholders have dividend income of $260,000. c. Warbler has a recognized gain of $30,000 and a recognized loss of $30,000. d. Warbler has no recognized gain or loss. e. None of these 4. Where is the 199A deduction taken on Form 1040? a. It is a deduction from AGI, much like the standard deduction or itemized deductions, and is the last deduction taken in determining taxable income. b. It is a business deduction and is taken on Schedule C (Form 1040). c. It is a deduction that reduces self-employment income and is taken on Schedule SE (Form 1040). - d. It is an itemized deduction taken on Schedule A (Form 1040). e. None of these