Digger Corporation has $50,000 of current and accumulated E&P. On March 1, Digger distributes land with a $30,000 FMV and a $17,500 adjusted basis to Dave, its sole shareholder. The land is subject to a $5,000 liability which Dave assumes:
a. What is the amount and character of the distribution?
b. What is Dave's basis in the property?
c. When does his holding period for the property begin?