Requirement a. What are the amount and character of the income Rita recognizes as a result of the distribution? Begin by calculating the amount of the distribution to be recognized by Rita. Amount of distribution = Rita will recognize the distribution as Requirement b. What is Rita's basis in the land? Rita's basis in the land = Requirement c. What are the amount and character of Lyndon's gain or loss as a result of the distribution? Begin by calculating the amount of the distribution to be recognized by Lyndon. Amount of distribution (gain/loss) = Lyndon will recognize the distribution as Requirement d. What effect does the distribution have on Lyndon's E\&P? (Enter a net decrease with a minus sign or parentheses.) Net increase (decrease) on Lyndon's E\&P =