Carlota and Dave formed an S corporation that is owned as follows: Carlota 75% and Dave 25%. The corporation distributes an asset to each owner. The corporation has a basis of $80,000 for each asset. The fair market value of each of the assets is as follows; Carlota $112,000 and Dave $96,000 a. What is the recognized gain for the corporation? \$ b. How much of the gain does Dave report? 1 c. How much of the gain does Carlota report? \&