Jill owns 300 of the 400 outstanding shares of Parent Corporation stock. Parent owns 320 of the 400 outstanding shares of Subsidiary Corporation stock. Jill sells 100 shares of her Parent stock to Subsidiary for $70,000. Jill's basis in her Parent shares is $42,000 ($140 per share). At the end of the year of sale, Subsidiary and Parent have E&P of $87,000 and $67,000, respectively. Read the requirements. Requirement a. What are the amount and character of Jill's recognized gain or loss on the sale? Jill will recognize of Requirement b. What is Jill's basis in her remaining shares of Parent stock? Jill's basis in her remaining shares of Parent stock is Requirement c. How does the sale affect the E&P of Parent and Subsidiary? Subsidiary's E&P is Parent's E&P is Subsidiary's E&P after the sales is Parent's E&P after the sales is Requirement d. What basis does Subsidiary take in the Parent shares it purchases? Subsidiary's basis in the Parent shares is Requirement e. How would your answer to Part a change if Jill instead sells 200 of her Parent shares to Subsidiary for $140,000? Jill will recognize of