Question: Exercise 5-20 (Algorithmic) (LO. 5) Fargo Corporation distributes property (basis of $838,000 and fair market value of $1,005,600) to a shareholder. Fargo Corporation has sufficient

Exercise 5-20 (Algorithmic) (LO. 5) Fargo Corporation distributes property (basis of $838,000 and fair market value of $1,005,600) to a shareholder. Fargo Corporation has sufficient E & P for its distributions. What are the tax consequences of this distribution to Fargo? Fargo Corporation recognizes a of $fill in the blank 2 . The net to Fargo's E & P is $fill in the blank 4 . The shareholder has dividend income of $fill in the blank 5

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