points Mississip Delta Corporation (MDC) is a calendar year accrual-based c-Corporation. Harry is a shareholder of MDC and he holds all of 1000 shares that are outstanding. He purchased this stock ve years ago for $50 per share. MDC has current earnings and profits of 585,000 and has accumulated earnings and profits of a deficit of (590.000 MDC distributes and that owns out to Harry as a property dividend on December 31 of the current year, the only distribution made in the year. The fair market value of the lands 500.000 and the town of the land li $400,000. The land is subject to an underlying mortgage of $290,000 which will be assumed by Harry What is the amount of dividend income and capital ancome of any any will recognize on this distribution? Harry will recognise dividend income of $85.000 and capital income of $75,000 Harry will recognize dividend income of $210,000 and no capital gain income. Oh Harry will recognize dividend income of $500,000 and no capital gain income Harey will recognize no dividend income and capital gain income of $160.000