In 2020, B41 Flatbush Corporation has a positive balance in Current E & P of $74,000 and a positive balance in Accumulated E & P of $36,000. On December 31, the corporation made a distribution of land to its sole shareholder, Wendy. The property has a fair market value of $280,000 and a basis of $175,000. The property is subject to a mortgage with an outstanding balance of $95,000. Wendy has a basis in her stock of $62,750.

Required: Calculate the effects of the December 31 distribution, including the breakdown on Form 1099. SHOW ALL CALCULATIONS