Ace Cards, Inc., with E&P of $79,500, distributed land held as an investment with a basis of $21,000, subject to a mortgage of $38,000, but worth $58,000, to a shareholder, a trust. (a.) What adjustment is made to E&P? (b.) What is the amount of the dividend? (c.) What is the trust's basis in the land? (d.) Answer questions (a), (b), and (c), assuming that the shareholder is a corporation.