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Maple Corporation, a calendar-year corporation, was formed three years ago by its sole shareholder, Jian, who immediately elected S corporation status. On December 31 of

Maple Corporation, a calendar-year corporation, was formed three years ago by its sole shareholder, Jian, who immediately elected S corporation status. On December 31 of the current year, Maple distributed $42,000 cash to Jian.

What are the amount and character of gain Jian must recognize on the distribution in each of the following alternative scenarios?

Note: Leave no answer blank. Enter zero if applicable. If the answer is "0", select "None".image text in transcribedimage text in transcribedimage text in transcribed

a. At the time of the distribution, Jian's basis in his Maple Corporation stock was $49,400. b. At the time of the distribution, Jian's basis in his Maple Corporation stock was $14,000. c. At the time of the distribution, Jian's basis in his Maple Corporation stock was $0

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