Tiger, Inc., a calendar year S corporation, is owned equally by four shareholders: Ann, Becky, Chris, and David. Tiger owns investment land that was purchased for $$160,000$ four years ago. On September $14$ of the current year when the land is worth $$240,000,$ it is distributed to David.

Assume that David's basis in his S corporation stock is $$270,000$ on the distribution date. Complete the statement below that outlines what the Federal income tax ramifications are. Ignore the $20\%$ QBI deduction.

of $fill in the blank $2$is reported at the corporate level, and each shareholder includes a flow$-$through of $fill in the blank $3.$ David's basis in the S corporation becomes $fill in the blank $4.$

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