The Big Corp declared a 4 for 1 stock split on Jan 20, Y1. Big Corp had net taxable earnings in Y1 of 3 Million, and Accumulated E&P of 1 Million. (Assume for this question taxable income and Current Year E&P are the same) The fair market value of the stock distributed was 2 Million dollars. Jim owned 543 shares of Big Corp before the stock split was declared, with a basis of $20 PER SHARE. What amount does Jim recognize as dividend income. Assume the stock was trading at $120 before the split and $30 after the split.What amount does Jim recognize as dividend income. Assume the stock was trading at $120 before the split and $30 after the split.