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. required: 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 $ ?