3. March Madness Corporation had positive accumulated earnings and profits of $25,000 at the beginning of 2022 . Based on the corporation's 2022 activities it had current year earnings and profits of $235,000. The corporation made a distribution of land to its sole shareholder on December 31,2022 . The fair market value of the land at the time of the distribution was $110,000 and the corporation's tax basis in the land was $24,000. Based on the above information, determine the following: (Worth 10 points) a. What is the tax treatment of the distribution to the shareholder? b. Explain whether this distribution will reduce the shareholder's basis in the corporation's stock and, if so, how much the basis will be reduced by the distribution. c. Explain whether the corporation will recognize gain or loss on the distribution and, if so, how much gain or loss will be recognized