Assume that at the end of 2020, Clampett, Incorporated (an S corporation) distributes property (fair market value of $40,000, basis of $5,000) to each of its four equal shareholders (aggregate distribution of $160,000). At the time of the distribution, Clampett, Incorporated, has no corporate earnings and profits and J. D. has a basis of $50,000 in his Clampett, Incorporated, stock. How much total income does J. D. recognize as a result of the distribution