Jen owns 75 of the 100 outstanding shares of Parent Corporation stock. Parent owns 80 of the 100 outstanding shares of Subsidiary Corporation stock. Jen sells 25 shares of her Parent stock to Subsidiary for $ 20 comma 000. Jen's basis in her Parent shares is $ 9 comma 750 ($ 130 per share). At the end of the year of sale, Subsidiary and Parent have earnings and profits (E&P) of $ 39, 000 and $ 24 comma 000, respectively. . What are the amount and character of Jen's recognized gain or loss on the sale? Amount Character Jen's recognized gain (loss) Part 2 Requirement b. What is Jen's basis in her remaining shares of Parent stock? Jen's basis in her remaining shares of Parent stock = Part 3 Requirement c. How does the sale affect the E&P of Parent and Subsidiary? Subsidiary's E&P is Subsidiary's E&P after the sales = Part 4 Parent's E&P is Parent's E&P after the sales = Part 5 Requirement d. What basis does Subsidiary take in the Parent shares it purchases? Subsidiary's basis in the Parent shares = How would your answer to Part a change if Jen instead sells 50 of her Parent