The following facts apply to questions 19 21. Blue Corporation distributes property to its sole shareholder, Zeke. The property has a fair market value of $450,000, an adjusted basis of $305,000 and is subject to a liability of $250,000. Current E & P is $1,000,000 19. What ascunt ot dividend income ognized by ake? Dividend income recognized by Zeke - $ 20 What is the basis in the property received by Zeke? Property basis- $ 21. What gain or loss is recognized by Blue Corporation as a result of the property distribution? Recognized gain/loss$ 22. Ten years ago, Connie purchased 4,000 shares in Platinum Corporation for $30,000. In the current year, Connie receives a nontaxable stock dividend of 40 shares of Platinum preferred. At the time of the distribution of the stock dividend, her preferred stock was worth $8,000 and her common stock was worth $32,000. Based on this information, what is Connie's basis in her common stock? Basis in common stock-$