Global Corporation distributed property with an $405, 500 fair market value and a $223, 025 adjusted basis to Kang, one of its shareholders. The property was subject to a $122, 664 mortgage, which Kang assumed. Global's accumulated E & P totals $3,000,000. What is the amount of Kang's gross dividend income on the distribution? What is Kang's basis in the property received? Although most corporate distributions are cash, a corporation may distribute a property dividend for various reasons. The shareholders could want a particular property that is held by the corporation. Similarly, a corporation with low cash reserves may still want to distribute a dividend to its shareholders. Global Corporation distributed property with an $405, 500 fair market value and a $223, 025 adjusted basis to Kang, one of its shareholders. The property was subject to a $122, 664 mortgage, which Kang assumed. Global's accumulated E & P totals $3,000,000. What is the amount of Kang's gross dividend income on the distribution? What is Kang's basis in the property received? Although most corporate distributions are cash, a corporation may distribute a property dividend for various reasons. The shareholders could want a particular property that is held by the corporation. Similarly, a corporation with low cash reserves may still want to distribute a dividend to its shareholders