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Hammer corporation has e p of 75000 how does this

Question - Hammer Corporation has E & P of $75,000. It distributes land with a fair market value of $60,000 (adjusted basis of $25,000) to its sole shareholder, Rodney. The land is subject to a liability of $20,000 that Rodney assumes. How does this information impact Rodney's taxable dividend or basis in the land?

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Accounting Basics: Hammer corporation has e p of 75000 how does this

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Accounting Basics: Hammer corporation has e p of 75000 how does this

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