At the beginning of the current (non-leap) year, Douglass owns all of Lighthouse Supply Corporation's outstanding stock. His basis in the stock is $70,000. On July 1, he sells all his stock to Matt for $105,000. During the year, Lighthouse Supply, a calendar year taxpayer, makes two cash distributions: $52,000 on March 1 to Douglass and $100,000 on September 1 to Matt. Consider the following independent situations: (Click the icon to view the independent situations.) Read the requirement - Begin by completing the table for the distributions. (Complete all input fields. For zero amounts, make sure to enter "0" in the appropriate cell. Use 365-day year for computations. Do not round intermediary calculations. Only round the amount you enter into the input field to the nearest dollar.) Distribution Current Accumulated Dividend Return Situation Individual Date amount E and P E and P income of capital a. Douglass Mar 1 Matt Sep 1 Total Requirement How are these distributions treated in each independent situation? What are the amount and character of Douglass' gain on his sale of stock to Matt? What is Matt's basis in his Lighthouse Supply stock at the end of the year