Assume that at the end of 2019, Clampett, Inc. (an S corporation) distributes long-term capital gain property (fair market value of $40,000, basis of $25,000) to each of its four equal shareholders (aggregate distribution of $160,000). At the time of the distribution, Clampett, Inc., has no corporate earnings and profits and J.D. has a basis of $15,000 in his Clampett, Inc., stock. How much income does J.D. recognize as a result of the distribution?