Ajax Corporation is a calendar year taxpayer which was organized two years ago and elected S corporation status for its first taxable year. Ajax's stock is owned one-third by Dewey and two-thirds by Milt. At the beginning of the current year, Dewey's basis in his Ajax shares was $3,000 and Milt's basis in his shares was $5,000. During the year, Ajax will earn $9,000 of net income from operations and have a $3,000 long-term capital gain on the sale of 100 shares of Exxon stock. What results to Dewey, Milt and Ajax in the following alternative situations?

(a) On October 15, Ajax distributes $5,000 to Dewey and $10,000 to Milt.

(b) On October 15, Ajax distributes $8,000 to Dewey and $16,000 to Milt.

(c) Ajax redeems all of Dewey's stock on the last day of the year for $20,000. What result to Dewey?

(d) On October 15, Ajax redeems one-fourth of Dewey's stock for $5,000 and one-fourth of Milt's stock for $10,000.

(e) Ajax distributes a parcel of land with a basis of $9,000 and a FMV of $8,000 to Dewey and a different parcel with a basis of $13,000 and FMV of $16,000 to Milt.

(f) On October 15, Ajax distributes its own notes to Dewey and Milt. Dewey receives an Ajax five year, 12% note with a face amount and FMV of $8,000 and Milt receives an Ajax five year, 12% note with a face amount and FMV of $16,000.