3.3 pts Corporation has E & P of $240,000. It distributes land with a fair market value of $70,000 (adjusted basis of $25,000) to its sole shareholder. The land is subject to a liability of $55,000 the stockholder assumes. The stockholder has: OA taxable dividend of $15,000. OA basis in the machinery of $55,000. OA taxable dividend of $70,000. A taxable dividend of $25,000. O No response is correct. Question 4 3.3 pts A corporation, owned 100% by one stockholder has a deficit in accumulated E&P of $300.000 and has current E&P of $225,000. On June 30. the corporation distributes $250.000 to its shareholder who has a basis in his stock of $52.500. As a result of the distribution:: Stockholder has dividend income of $225.000 and no adjustment to stock basis. Stockholder has dividend income of $225.000 and reduces his stock basis to $27.500. No response is correct. No dividend income, reduces his stock basis to zero, and has capital gam of $250.000. Stockholder has dividend income of $52.500 and reduces his stock basis to zero Stockholder has dividend income of $75,000 only. ASUS