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Question #4: Grand Corporation distributed property with a fair market value of $850,000 and an adjusted basis of $415,000 to one of its shareholders. The property was subject to a $230,000 mortgage that was assumed by the shareholder. Grand Corporation has ample E&P to cover any distribution during the year. a. What is the amount of the shareholder's dividend income on the distribution? b. What is the shareholder's basis in the property received