Corporation Z distributes in kind its long held Apple stock with an adjusted basis of $480 and a fair market value of $200 to shareholder C. Corporation Z also distributes Apple stock with an adjusted basis of $120 at a fair market value of $200 to shareholder D.

	a.	Corporation Z does not have loss on the distributions.
	b.	The distributions to C will reduce E&P by $480 (but not create negative E&P).
	c.	Corporation Z realizes gain of $80 on the distribution of the property and that amount less accrued income tax is added to E&P.
	d.	All of the above.
	e.	None of the above.