30. Lark Enterprises Inc. is a personal holding company. From the information bel ts maximum dividends-paid deduction. a. Land with a basis of $10,000 and a value of $50,000 was distributed during the t ending December 31 to its two 50 percent shareholders as equal tenants in common b. Two months later, cash of $5,000 was distributed to one shareholder and three m property worth $5,000 to the other. c. On February 10 of the following year, $3,000 was distributed to each shareholde election was made to treat the dividends as paid the previous year. 1. A timely election was made to treat $5.000 each as consent dividends