Dr. Nick owns 100% of stock of the C corporation Hollywood Upstairs Medical College, Inc. (Hollywood). Hollywood has total E&P of $20,000 and Nick has a basis of $100,000 in his Hollywood stock prior to the following distribution. Hollywood makes a nonliquidating distribution to Nick of land held for investment. The land has a $90,000 adjusted basis and a fair market value of $400,000 at the time of the distribution. What is the amount and character of Nick's income from this distribution? Dr. Nick owns 100% of stock of the C corporation Hollywood Upstairs Medical College, Inc. (Hollywood). Hollywood has total E&P of $20,000 and Nick has a basis of $100,000 in his Hollywood stock prior to the following distribution. Hollywood makes a nonliquidating distribution to Nick of land held for investment. The land has a $90,000 adjusted basis and a fair market value of $400,000 at the time of the distribution. What is the amount and character of Nick's income from this distribution? A. $0 income B. $400,000 of ordinary income C. $20,000 dividend; $380,000 capital gain D. $20,000 dividend; $100,000 return of basis; $280,000 capital gain E. $330,000 dividend; $70,000 return of basis; $0 capital gain F. $400,000