Problem 6-52 (LO. 3) Ramon and Sophie are the sole shareholders of Gull Corporation. Ramon and Sophie each have a basis of $100,000 in their 2,000 shares of Gull common stock. When its E & P was $700,000, Gull Corporation issued a preferred stock dividend on the common shares of Ramon and Sophie, giving each 1,000 shares of preferred stock with a par value of $100 per share. At the time of the stock dividend, fair market value of one share of common stock was $150, and fair market value of one share of preferred stock was $75 If an amount is zero, enter "O". a. What are the tax consequences of the distribution to Ramon and Sophie? Ramon and Sophie have neither gain nor loss the amount of 0 What is the basis for the preferred stock and common stock for each shareholder? Preferred stock: Common stock: $ b. What are the tax consequences to Ramon if he later sells his preferred stock to Anthony for $75,000? Anthony is not related to Ramon. A sale of the preferred stock to Anthony will produce 75,000dryincome of ordinary