Blue Corporation distributes property to its shareholder, Zeke. The property has a fair market value of $ 450,000, an adjusted basis of $ 300,000, and is subject to a liability of $ 250,000. Current E & P is $ 1,000,000.
1. What amount of dividend income is recognized by Zeke?
2. What is the basis in the property received by zeke?
3. What gain or loss is recognized by Blue Corporation as a result of property distribution?