Exercise 22-17 (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 $221,400 ten years ago and is currently worth $553,500. 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 a capital gain of $ 332,100 which is reported on Schedule K, and . Jamari would take a $ basis in the land. a proportionate share of it passes through to the shareholders b. What is the net effect of the distribution on Vogel's AAA? There is a net decrease of $ 221,400 on Vogel's AAA. c. Assume instead that the land had been purchased for $553,500 and was currently worth $221,400. 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? Vogel recognizes a loss $ 221,400 X and the net effect on Vogel's AAA is a decrease take a basis in the land. of $ Jamari would