Exercise 22-17 (Algorithmic) (LO. 7) Vogel, Inc., an 5 corporation for five years, distributes a tract of land held as an investment to Jamari, its majority shareholder. The land was purchased for $85,400 ten years ago and is currently worth $213,500. 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 take a 1 basis in the land. b. What is the net effect of the distribution on Vogel's AAA? There is a net of Vogel's AAA. C. Assume instead that the land had been purchased for $213,500 and was currently worth $85,400. 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