LO.4, 5 Tiger, Inc., a calendar year S corporation, is owned equally by four share- holders: Ann, Becky, Chris, and David. Tiger owns investment land that was purchased for $160,000 four years ago. On September 14, when the land is worth $240,000, it is distributed to David. Assuming that David's basis in his S corporation stock is $270,000 on the distribution date, discuss any Federal income tax ramifica- tions. Ignore the QBI deduction.