What is the basis in Sharon's stock after the cash distribution Sharon's stock basis = $ _________ 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 what amount of dividend income is recognized by Zeke? Dividend income = $ What is the basis in the property received by zeke? Property basis = $ _________ What gain or loss is recognized by Blue Corporation as a result of the property distribution? Recognized gain/loss = $ _________ 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? Basis in common stock = $ __________