Brisk Corp. is an accrual-basis, calendar-year C corporation with one individual shareholder. At year end, Brisk had USD600,000 accumulated and current earnings and profits as it prepared to make its only dividend distribution for the year to its shareholder. Brisk could distribute either cash of USD200,000 or land with an adjusted tax basis of USD75,000 and a fair market value of USD200,000. How would the taxable incomes of both Brisk and the shareholder change if land were distributed instead of cash?I. Brisk’s taxable incomeII. Shareholder’s taxable income
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