There are 3 questions that relate to this scenario: 24 - Tobin Corporation distributes property to its sole shareholder, Maggie. 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. As a result of this transaction, Tobin Corporation will recognize a GAIN: 145,000 o 130,000 o 220,000 205,000 Question 25 2 pts 25 - Tobin Corporation distributes property to its sole shareholder, Maggie. 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. As a result of this transaction, Tobin's E&P will be REDUCED by: 145,000 130,000 205.000 220,000 26 - Tobin Corporation distributes property to its sole shareholder, Maggie. 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. As a result of this transaction, Tobin's E&P will be INCREASED by: 145,000 o 130,000 o 220,000 205,000