Carolina Corporation, an S corporation, has no corporate E&P from its years as a C corporation. At the end of the year, it distributes a small parcel of land to its sole shareholder, Shadiya. The fair market value of the parcel is $79,800 and its tax basis is $47.000. Shadiya's basis in her stock is $17,500. Assume Carolina Corporation reported $0 taxable income before considering the tax consequences of the distribution. (Leave no answer blank. Enter zero if applicable.)
how much gain must shadiya recognize (if any) as a result of the distribution, what is her basis in her carolina corporation stock after the distribution, and what is her basis in the land?