At the beginning of the current non leap year, Francis owns all of Tachle and Bait Corporation's outstanding stock His basis in the stock is $68,000. On July 1, habels is stock to Jason for $145,000. During the year. Tackle and Bat, a calendar year taxpayer makes two cash distributions: $55,000 on March 1 to Francis and $75,000 on September 1 to Jason Consider the Click the icon to view the independent shanton) Reet the requirement Begn by completing the table for the distributions (Completo answer boxes. For ero amounts, make sure to enter in the appropriate col. Use a 365 dayynor for computations. Do not round Intermediary calculations. Only round the amount you input in the col to the nearest dolar Distribution Corrent Accumulated Dividend Rotum Sluton Indvichal Dale around E and P Endp income of capital Francis Mar 1 55000 17700 22000 Jason Sep 1 24231 130000 12000 Total 22000 a. 75000 Requirement How are these distributions treated in each independent situation? What are the amount and character of Francis' gain on his sale of stock to Jason? What is Jason's basis in his Tackle and Bait stock at the end of the year? Print Done i More Info X Current E&P of $42,000; accumulated E&P of $22,000. Current E&P of $88,000; accumulated E&P (deficit) of $(44,000). Current E&P (deficit) of $(38,000); accumulated E&P of $126,000. nu