During the current year, Omega Corporation distributes the assets listed below to its sole shareholder, Betty. (Click the icon to view the list of distributed assets.) Assume that Omega has an E&P balance exceeding the amount distributed and is subject to a 21% tax rate. Unless stated otherwise, adjusted bases for taxable income and E&P purposes are the same. Read the requirement Begin by completing the table for distributions a, b, and c. (Abbreviations used: Inc Increase, dec = decrease.) Amount of distribution Betty Character of distribution Basis Amount of gain or loss Omega Corporation Character of gain or loss Incor dec to E&P Amount of E&P change Requirement For each asset listed, determine the gross income recognized by Betty, her basis in the asset, the amount of gain or loss recognized by Omega, and the effect of the distribution on Omega's E&P