Bill is one of five shareholders. This year he received a distribution of land owned by Bailey Corp. with a fair market value of $60,000 cash. Bailey Corp. had a $50,000 adjusted basis in the land. Bill had an adjusted basis in the stock of 15,000. Bailey corporation had current earnings of $30,000 and accumulated earnings of (10,000). What is the tax treatment of the distribution to Bill? A. $20,000 Dividend, $15,00 Return of Capital, $25,000 Capital Gain B. $60,000 Dividend C. $15,000 Capital Gain D. $40,000 Dividend, $15,000 Return of Capital, $5,000 Capital Gain E. $25,000 Capital Gain OF. Recognized gain of $10,000