Exercise 13-4 (LO. 5) Fargo Corporation holds $5,000,000 in accumulated E & P. It distributes to Leilei, one of its shareholders, land worth $310,000; basis of the land to Fargo is $260,000. Determine the Federal income tax consequences of the distribution to Fargo. of $ 0 x . The net decrease to Fargo's E & P is $ 0 x . The Fargo Corporation recognizes a gain shareholder has dividend income of $ ox