Tiger, Inc., a calendar year S corporation, is owned equally by four shareholders: Ann, Becky, Chris, and David. Tiger owns investment land that was purchased for $160,000 four years ago. On September 14 of the current year when the land is worth $240,000, it is distributed to David. Assuming that David's basis in his S corporation stock is $270,000 on the distribution date. Complete the statement below that outlines what the Federal income tax ramifications are. A capital gain of $ 80,000 is reported at the corporate level, and each shareholder includes a flow-through of $ 20,000 . David's basis in the S corporation becomes $??