Tavemier Corporation has Eamings And Profits (E&P) of $50,000. It distributes Land worth (Fair Market Value) $3,000 (Adjusted Basis of $6,000) to Regina, an individual shareholder. The Land is subject to a mortgage of $1,000 which Regina assumes. Regina has a Taxable Dividend Income as a result of this transaction of $1,000. $3,000. $5,000. $2,000. QUESTION 35 Arleen Corporation has positive Current Eamings And Profits (E&P) of $50,000. It distributes Land worth (Fair Market Value) $4,000 (Adjusted Basis of $5,000) Natalie, an individual shareholder. The Land if subject to a mortgage of $2,000 which Natalie assumes. Natalie has Taxable Income (Dividends) of $2,000. $4,000. $3,000. $5,000. 1 poin