Harry, Ida, and Jill are all unrelated. Each has owned 100 shares of Old Corporation stock for five years and each has a $160,000 basis in those 100 shares. Old Corporation's E&P is $450,000. Old redeems all 100 of Harry's shares for $250,000, their FMV. a. What are the amount and character of Harry's recognized gain or loss? What basis do Ida and Jill have in their remaining shares? What effect does the redemption have on Old's E&P? b. Assuming instead that Harry is Ida's son, answer the questions in Part a again. Harry, Ida, and Jill are all unrelated. Each has owned 100 shares of Old Corporation stock for five years and each has a $160,000 basis in those 100 shares. Old Corporation's E&P is $450,000. Old redeems all 100 of Harry's shares for $250,000, their FMV. a. What are the amount and character of Harry's recognized gain or loss? What basis do Ida and Jill have in their remaining shares? What effect does the redemption have on Old's E&P? b. Assuming instead that Harry is Ida's son, answer the questions in Part a again