Question: Quinlan has ample E & P to cover any distributions made during the year. One distribution made to a shareholder consists of a property with

Quinlan has ample E & P to cover any distributions made during the year. One distribution made to a shareholder consists of a property with an adjusted basis of $561,800 and a fair market value of $337,080. What are the tax consequences of this distribution to Quinlan? If an amount is zero, enter "0". As a result of the distribution, Quinlan Corporation has a realized of which $ is recognized. The shareholder received property with a basis of $

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