Exercise 5-20 (Algorithmic) (LO. 5) Fargo Corporation distributes property (basis of $1,370,400 and fair market value of $1,644,480 ) to a shareholder. Fargo Corporation has sufficient E \& P for its distributions. What are the tax consequences of this distribution to Fargo? Fargo Corporation recognizes a of $ . The net to Fargo's E \& P is The shareholder has dividend income of $