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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

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:

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