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Badger Corporation declared a stock distribution to all shareholders of record

on March $25$ of this year. Shareholders will receive one share of Badger stock

for each $10$ shares of stock they already own. Madison Cheesehead owns $1,000$

shares of Badger stock with a tax basis of $$100$ per share. The fair market value

of the Badger stock was $$110$ per share on March $25$ of this year. $($Leave no

answer blank. Enter zero if applicable.$)$

c$.$ How would you answer parts $($a$)$ and $($b$)$ if Badger offered shareholders a choice between

receiving one additional share of Badger stock for each $10$ Badger shares held or receiving $$120$

cash in lieu of an additional share of stock?