Longhorn Company reports current E&P of $160,000 in 20X3 and accumulated E&P at the beginning of the year of negative $320,000. Longhorn distributed $480,000 to its sole shareholder on January 1. 20X3. The shareholder's tax basis in his stock in Longhorn is $160,000 How is the distribution treated by the shareholder in 20X3? Multiple Choice $160,000 dividend $160,000 dividend and $320,000 tax-free return of bosis SO dividend, $160,000 tax-free return of bosis, and $320,000 copital gain $160,000 dividend, $160,000 tax-free return of basis, and $160,000 capital gair