Question 30 3.34 points Save Answer On January 1, 20x2, Preston owned all of the outstanding stock of BIG Corporation. Her adjusted basis in the stock was $20,000. During 20x2, BIG has earnings & profits of $20,000, and Preston received distributions from BIG in the amount of $220,000. As of December 31, 20x1, BIG Corp had accumulated earnings & profits of $150,000. What is the amount and character of income Preston must recognize in 20x2? $200,000 dividend a. $170,000 dividend b. $30,000 gain $170,000 dividend C. $50,000 gain $220,000 dividend