At the beginning of the current (non-leap) year, Jonas owns all of Boat Supply Corporation's outstanding stock. His basis in the stock is $85,000. On July 1, he sells all his stock to Jack for $110,000. During the year, Boat Supply, a calendar year taxpayer, makes two cash distributions: $70,000 on March 1 to Jonas and $92,000 on September 1 to Jack. 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 answer boxes. For zero amounts, make sure to enter "0" in the appropriate cell. Use a 365-day year for computations. Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) Distribution Current Accumulated Dividend Return Situation Individual Date amount E and P Requirement E and P income of capital a. Jonas Mar 1 Jack Sep 1 How are these distributions treated in each independent situation? What are the amount and character of Jonas' gain on his sale of stock to Jack? What is Jack's basis in his Boat Supply stock at the end of the year? Total Print Done At the beginning of the current (non-leap) year, Jonas owns all of Boat Supply Corporation's outstanding stock. His basis in the stock is $85,000. On July 1, he sells all his stock to Jack for $110,000. During the year, Boat Supply, a calendar year taxpayer, makes two cash distributions: $70,000 on March 1 to Jonas and $92,000 on September 1 to Jack. 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 answer boxes. For zero amounts, make sure to enter "0" in the appropriate cell. Use a 365-day year for computations. Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) Distribution Current Accumulated Dividend Return Situation Individual Date amount E and P Requirement E and P income of capital a. Jonas Mar 1 Jack Sep 1 How are these distributions treated in each independent situation? What are the amount and character of Jonas' gain on his sale of stock to Jack? What is Jack's basis in his Boat Supply stock at the end of the year? Total Print Done