Sherburne Corporation reported current earnings and profits for year 1 of $502,000. During the year, the company made a distribution of land to its sole shareholder, Ted Bozeman. The land's fair market value was $154,000 and its tax and E&P basis to Sherburne was $102,000. Ted assumed a mortgage attached to the land of $25,300. What amount of dividend income does Ted report as a result of the distribution and what is Ted's income tax basis in the land received from Sherburne? Essay Toolbar navigation B I Us > .