19. LO.1, 3 At the beginning of the year, Teal Corporation held accumulated E & P of

$210,000. On March 30, Teal sold an asset at a loss of $200,000. For the calendar year, Teal incurred a deficit in current E & P of $305,000, which includes the loss on the sale of the asset. If Teal made a distribution of $50,000 to its sole shareholder on April 1, how is the shareholder taxed? Her basis in the stock was $72,000.