Diamond Corporation (E & P of $750,000) has 4,000 shares of common stock outstanding owned by unrelated parties as follows: Monica - 2,000 shares, Marsha - 2,000 shares. Monica and Marsha each paid $150 per share for the Diamond stock 12 years ago. In May of the current year, Diamond distributes land held as an investment (basis of $80,000, fair market value of $410,000) to Monica in redemption of 700 of her shares. This is the only distribution it made during the year. a. What are the tax results to Monica on the redemption of her Diamond Stock? What is Monica's basis in her remaining shares of Diamond Corp.? b. What are the tax consequences to Diamond Corporation on the distribution of the land? (Gain/loss, E&P consequences). c. What is the result in parts (a) & (b) if Monica is Marsha's mother?