Blue Corporation, a C-Corporation, has current E&P of $300,000 and accumulated E&P of $1,000,000. Blue Corporation distributes land to its sole shareholder Steve. The land had a FMV of $100,000 and basis of $60,000. As a result of the distribution, Steve has: a) a taxable dividend of $0 and a reduction of his basis in Blue Corporation stock of $100,000. b) a taxable dividend of $60,000 and a reduction of his basis in Blue Corporation stock of $$60,000. c) a taxable dividend of $60,000 and no impact to his basis in Blue Corporation Stock. d) a taxable dividend of $100,000 and a reduction of his basis in Blue Corporation stock of $100,000. e) a taxable dividend of $100,000 and no impact to his basis in Blue Corporation Stock.