Global Corporation distributed property with an $323,000 fair market value and a $177,650 adjusted basis to one of its shareholders. The property was subject to a $97,708 mortgage, which the shareholder assumed. Global has ample E & P to cover any distribution made during the year.

As a result, the shareholder receives a taxable dividend (before the dividends received deduction), of $?????? and a basis of $????? for the property.