Exercise 13-4 (Algorithmic) (LO. 5) Fargo Corporation holds $5,000,000 in accumulated E & P. It distributes to Leilei, one of its shareholders, land worth $1,760,640; basis of the land to Fargo is $1,467,200. Determine the Federal income tax consequences of the distribution to Fargo. . The net to Fargo's E & P is $ Fargo Corporation recognizes a of $ The shareholder has dividend income of $