Aggie Corporation made a distribution of $500,000 to Rusty Cedar in partial liquidation of the company on December 31 of this year

 Aggie Corporation made a distribution of $500,000 to Rusty Cedar in partial liquidation of the company on December 31 of this year. Rusty, an individual, owns 100 percent of Aggie Corporation. The distribution was in exchange for 50 percent of Rusty's stock in the company. At the time of the distribution, the shares had a fair market value of $200 per share. Rusty's income tax basis in the shares was $50 per share. Aggie had E&P of $8,000,000 at the time of the distribution. a) What are the per share amount and character (capital gain or dividend) of any income or gain recognized by Rusty as a result of the partial liquidation?