Special Motors Inc. has E&P of $$53,000.$ It distributes a building to the individual sole shareholder. The building has an adjusted basis of $$17,000$ and a fair market value of $$54,000$ and is subject to a mortgage of $$31,000.$

a$.$ What is the character and amount of any gain or loss recognized by Special Motors?

b$.$ What is the amount of the dividend?

c$.$ What is Special Motor$$s E&P after the distribution?

d$.$ What is the shareholder$$s basis in the building?