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Grounded Air Flight Company had EP of $50,000 when it distributed land held as an investment with a basis of $10,000, a value of $50,000, but
Grounded Air Flight Company had E&P of $50,000 when it distributed land held as an investment with a basis of $10,000, a value of $50,000, but subject to a liability of $30,000 to an individual shareholder. How much dividend income does the shareholder report as a result of this distribution?