Tayina organized Joyful Corporation in January of the current year, and the corporation immediately elected to be an S corporation. Tayina, who contributed $42,000 in cash to start the business, owns 100% of the corporation's stock. Joyful's current year results are reported below: On July 10, Joyful makes a $16,000 cash distribution to Tayina. Read the requirements. Requirements a and b. What income (if any) do Joyful and Tayina recognize as a result of the distribution? What is Tayina's basis for the Joyful stock on December 31 ? Begin by selecting the labels (in order), then compute Tayina's basis in the Joyful stock. (Use parentheses or a minus sign for a decrease to basis. Complete all input fields.) Current Year Results