Zeb, an individual shareholder, owned 25% of Towne Corporation stock. Pursuant to a series of stock redemptions, Towne redeemed 10% of the shares of stock Zeb owned in exchange for land having a fair market value of $30,000 and an adjusted basis of $10,000. Zeb’s basis for all of his Towne stock was $200,000. Zeb reported the redemption transaction as if it were a dividend. Zeb’s basis in the land and his Towne stock (immediately after the redemption) is