$25-28.$ U Corporation has $2000$ shares of common stock outstanding.

The shares are owned by unrelated shareholders as follows: M$,800$ shares; N$,800$ shares; P$,400$ shares. The Corporation redeems $200$ shares of the stock owned by P for $$90,000.$ P paid $$200$ per share for her stock two years ago. The E & P of U Corporation was $800,000$ on the date of redemption.

If the tax redemption tests of $302($b$)(2)$ are met, P$\text{'}$s tax affect is as

follows:

dividend of $$90,000$

gain from sale or exchange of $$90,000$

gain from sale or exchange of $$50,000$

none of the above