Gamma Corporation distributes land to its sole shareholder, Lisa. The land has a basis to the corporation of $20,000 and a fair market value of $50,000. There is a $35,000 mortgage on the land which the shareholder agrees to assume. Before this distribution, Gamma has current E&P of $5,000 and accumulated E&P of $4,000.

How much gain does Gamma Corporation recognize as a result of this distribution?

How much dividend income does Lisa recognize as a result of this distribution?

What is Lisas basis for the land?

What is Gamma Corporations E&P after the distribution?