Albert, an individual taxpayer, owns 100% of Royal Corporation. Royal Corporation was initially formed as a C corporation but has since elected to be treated as an S corporation. At the end of 2020, before considering any distributions, Royal Corporation's accumulated adjustments account (AAA) balance was $60,000, and its accumulated earnings and profits from its years as a C corporation was $15,000. On December 31, Royal Corporation distributed $80,000 to Albert. Alberts stock basis before the distribution was $90,000. a) What is the amount and character of income Albert must recognize on the distribution? | b) What is Albert's stock basis after accounting for the distribution