Question 5 (1 point) Saved Listen Gate City Corporation distributes land with a fair market value of $210,000 to its sole shareholder Diane Gates. Gate City's adjusted tax basis in the land is $55,000. Assuming sufficient E&P, the amount of dividend reported by the shareholder is $210,000. True False Question 6 (1 point) Listen Marcum Corporation distributes land with a fair market value of $60,000 to its sole shareholder. Marcum's adjusted tax basis in the land is $290,000. Marcum will deduct a tax loss of $230,000 on the distribution regardless of whether its E&P is positive or negative. True False