3. LO.5 Global Corporation distributed property with an $850,000 fair market value and a $415,000 adjusted basis

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3. LO.5 Global Corporation distributed property with an $850,000 fair market value and a $415,000 adjusted basis to Kang, one of its shareholders.

The property was subject to a $230,000 mortgage, which Kang assumed. Global’s accumulated E & P totals $3,000,000.

What is the amount of Kang’s dividend income on the distribution? What is Kang’s basis in the property received?

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