Mars Corporation is an S corporation. At the end of the year, it distributes a small parcel of land to its sole shareholder, Ron. The fair market value of the parcel is $80,000 and its tax basis is $40,000. Rons basis in his stock is $14,000. Assume Mars Corporation reported zero taxable income before considering the tax consequences of the distribution. QUESTIONS - Your answers must be placed in the appropriate block and must be complete per the instructions for each: a) (10 points) What amount of gain or loss, if any, does Mars Corporation recognize on the distribution? EXPLAIN YOUR ANSWER b) (10 points) How much gain must Ron recognize (if any) as a result of the distribution, what is his basis in his Mars Corporation stock after the distribution, and what is his basis in the land? EXPLAIN YOUR ANSWER c) (10 points) What is your answer to part (a) if the fair market value of the land is $25,000 rather than $80,000? EXPLAIN YOUR ANSWER d) (10 points) What is your answer to part (b) if the fair market value of the land is $25,000 rather than $80,000? EXPLAIN YOUR ANSWER