Exercise 19-25 (Algorithmic) (LO. 5) Quinlan has ample E& P to cover any distributions made during the year. One distribution made to a shareholder consists of a property with an adjusted basis of $1,467,400 and a fair market value of $880,440. What are the tax consequences of this distribution to Quinlan? If an amount is zero, enter "O". As a result of the distribution, Quinlan Corporation has a realized loss The shareholder received property with a basis of $ 1,467,400 of $ 586,960 of which $ o is recognized