Questions 17-20 are based on the following information: On 1/1/X2, P Co. had accumulated E&P totaling $10,000. During 20x2, P Co. made the following distributions to its shareholders: J - $25,000 cash on 9/7/X2 M - Property (FMV $75,000; Basis $65,000) on 11/3/X2 J's basis in his P Co. stock is $10,000. M's basis in his P Co. stock is $30,000. P Co. had current E&P from operations in 20x2 totaling $30,000. Question 17 2 pts P Co.s recognized gain or loss on the distribution is None of these. O $75.000 $10,000 D Question 18 2 pts J should characterize the distribution as follows: $20.000 dividend: $5,000 return of capital O None of these. $25.000 dividend $17,500 dividend: $7,500 return of capital Question 19 2 pts M should characterize the distribution as follows: $75.000 dividend $30,000 dividend: $30,000 return of capital: $15,000 capital gain $22,500 dividend: $30,000 return of capital: $22,500 capital gain O None of these. Question 20 2 pts If the property distributed was subject to a $90,000 mortgage, under Code $ 311, P Co.'s gain or loss on the distribution is $10,000 gain None of these. $25,000 gain