Quinlan has ample E & P to cover any distributions made during the year. One distribution made to a shareholder consists of a property with an adjusted basis of $779,400 and a fair market value of $467,640. What are the tax consequences of this distribution to Quinlan? If an amount is zero, enter "o". of $ of which $ is As a result of the distribution, Quinlan Corporation has a realized recognized. The shareholder received property with a basis of $