Lincoln Corporation owns 30% of Carter Corporation's stock. On December 31, Carter Corporation, with current E & P of $220,000, distributes land (fair market value of $100,000; basis of $125,000)to Iris. The land is subject to a liability of $75,000, which Lincoln assumes, What is the amount of the dividend (without considering the dividend received deduction) that Carter Corporation must pay tax on? Secondly, what is Lincoln Corporations ending E&P after the distribution? Use the editor to format your