Jupiter Corporation is an S Corporation. At the end of the year, it distributes a small parcel of land to its sole shareholder, Blake. The fair market value of the parcel is $80K and its tax basis is $40K. Blake's basis in his stock is $14K. Assume Jupiter Corporation reported zero taxable income before considering the tax consequences of the distribution. a. What amount of gain or loss, if any, does Jupiter Corp. recognize on the distribution? b. How much gain must Blake recognize (if any) as a result of the distribution, what is his basis in his Jupiter Corporation stock after the distribution and what is his basis in the land? c. What is your answer to part (a) if the fair market value of the land is $25K rather than $80K? d. What is your answer to part (b) if the fair market value of the land is $25K rather than $80K?