Circus is a calendar-year S corporation that is owned 100% by Clown. At the end of the tax year after considering all current year income and losses Clown has a basis in his stock of $80,000 and Circus has $60,000 of earning and profits and $40,000 in its accumulated adjustments account. Circus distributes cash of $75,000 to Clown on the last day of the tax year.

How much income does Clown have from this distribution?