On May 10 of the current year, Windsor Corporation distributes to its shareholder Lisa $22,000 in cash and land (a capital asset) having a $70,000 FMV. The land has a $16,000 adjusted basis (for both taxable income and E&P purposes) and is subject to a $90,000 mortgage, which Lisa assumes. Windsor has an E&P balance exceeding the amount distributed and is subject to a 21% corporate tax rate. Read the requirements. Requirements a. What are the amount and character of the income Lisa recognizes as a result of the distribution? Requirement a. What are the amount and character of the b. What is Lisa's basis in the land? Amount of distribution Lisa Character of distribution c. What are the amount and character of Windsor's gain or loss as a result of the distribution? Print Done