Entity Y has three equal owners: Alpha, Bravo, and Charlie. On July 1, 20X1 Entity Y redeems all of Charlie's ownership interest for cash of $75,000. During 20X1 Entity Y makes no other distributions to its owners. Charlie's basis in Entity Y, as of January 1, 20X1 is $10,000. Entity Y has no liabilities. Entity Y has no income or loss through July 1, 20X1. On November 1, 20X1, Entity Y recognizes $100,000 in gain from the sale of Property A. Charlie receives none of the proceeds from this sale. How much gain or loss does Charlie recognize in 20X1 assuming:

a) Entity Y is an S-corporation (with and without all available elections)?

b) Entity X is an LLC (with and without all available elections)?