Exercise 12-17 (Algorithmic) (LO. 7) Vogel, Inc., an s corporation for five years, distributes a tract of land held as an investment to Jamari, its majority shareholder. The land was purchased for $252,000 ten years ago and is currently worth $630,000. If an amount is zero, enter, "0". a. As a result of the distribution, what is Vogel's recognized capital gain? How much is reported as a distribution to shareholders? Vogel recognizes of $ which is reported on Schedule K, and Jamari would take a $ basis in the land. b. What is the net effect of the distribution on Vogel's AAA? There is a net of $ on Vogel's AAA. C. Assume instead that the land had been purchased for $630,000 and was currently worth $252,000. How much would Vogel recognize as a loss? What would be the net effect on Vogel's AAA? What would be Jamari's basis in the land? Vogel recognizes a loss $ and the net effect on Vogel's AAA is of $ Jamari would take a $ basis in the land