Texas Corporation distributes property to its sole shareholder, Annie. The property has a fair market value of $350,000, an adjusted basis of $205,000, and is subject to a liability of $220,000. Current E & P is $500,000. With respect to the distribution, provide each of the following amounts.

• Amount of the distribution:
• Annie's dividend income:
• Annie's basis in property received:
• Texas Corporation's recognized gain/loss:
• Texas Corporation's E&P after the distribution: