Quinlan has ample E & P to cover any distributions made during the year. One distribution made to a shareholder consists of property with an adjusted basis of $581,000 and a fair market value of $348,600. What are the tax consequences of this distribution to Quinlan? If an amount is zero, enter "O". of s X of which $ is As a result of the distribution, Quinlan Corporation has a realized loss recognized. The shareholder received property with a basis of $ X