at the beginning of the current (non-leap) year, jones owns all of the pearl corporations outstanding stock. his basis in the stock is $78,000. on july 1, he sells all his stock to adam for $115,000. during the year, pearl, a calendar yesr taxpayer, makes two cash distributions: $45,000 on march 1st to jonas and $95,000 on september 1 to adam

Begin by completing the table for the distributions. (Complete all answer boxes. For zero amounts, make sure to enter "o" in the ap amount you input in the cell to the nearest dollar.) Distribution Current Accumulated Dividend Return Situation Individual Date amount E and P E and P income of capital a Jonas Mar 1 Adam Sep 1 Total b. Jonas Mar 1 Adam Sep 1 Total c. Jonas Mar 1 Adam Sep 1 Total What are the amount and character of Jonas' gain on his sale of stock to Adam? Situation Total gain Character a. b. C. What is Adam's basis in his Pearl stock at the end of the year? Situation Stock basis at end of year a. b. C