On October 21, 2022, Small Corp. distributes land to Mary Jones, one of its shareholders. The land had a fair market value of $62,000. The land had an adjusted basis in Small's hands of $83,000. Small Corp. had pre-distribution current earnings and profits of $57,000 for the year ending December 31,2222. It had no accumulated earnings and profits. Jones' adjusted basis in her stock was equal to $13,000. a) What is the amount of the distribution received by to Jones? b) Does Small Corp have to recognize a gain or loss on the distribution of the land to Jones and if so, what is the amount of the gain or loss? c) What is the basis of the land in Jones' hands? d) What is the character of the distribution received by Jones? e) What is the balance of Small's earnings and profits after the distribution of the land to Jones