During 20X2, EFG Corporation (an S corporation since its inception in 20X0) distributed a parcel of land to its 50% shareholder Edward. The fair market value of the land at the time of the distribution was $80,000 and EFG's tax basis in the property was $20,000. Before considering the effects of the distribution, Edward's basis in his EFG stock was $10,000.

Instructions: What amount of gain, if any, does EFG recognize on the distribution? What amount of income, if any, does Edward recognize on the distribution and what is Edward's basis in his EFG stock after accounting for the distribution?