Griffey Corporation has 40,000 of accumulated EP and incurs a loss of $30,000 for the year. The loss accrues ratably through the year. On June 1 , Griffey Corporation distributes 40,000 to its sole shareholder, Ken. How much of the distribution will get dividend treatment? How much of the distribution will reduce Ken's basis in his Griffey stock? Dividend income: \$ Reduction in stock basis: $ 
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