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Please show step by step (including any formulas) XYZ corporation (E & P$1,000,000 ) distributes machinery, adjusted basis $80,000 Fair Market Value of $150,000 to

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XYZ corporation (E \& P$1,000,000 ) distributes machinery, adjusted basis $80,000 Fair Market Value of $150,000 to sole shareholder-Johnson. The property is subject to Liability of $50,000 which shareholder assumes (A) How much dividend Johnson report (B) What is his basis in the machinery (C) What is the effect on corporation's earnings and E \& P

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