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Lou Corp. distributed land worth $50,000 to its sole shareholder. The land had basis of $70,000 and was subject to a mortgage of $30,000. Lous

Lou Corp. distributed land worth $50,000 to its sole shareholder. The land had basis of $70,000 and was subject to a mortgage of $30,000. Lous E&P before any adjustments for the distribution is $100,000. How much is the net decrease to Lous E&P?

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