Score: 0 of 4 pts 2 of 10 (1 complete) PC:6-34 (similar to) Prince owns 25% of Hampton Corporation stock in which he has a $230,000 adjusted basis. Requirement For each situation, what amount of gain/loss will Prince report in the current year? In the next year? (If the shareholder does not have a gain or loss for a year, Gain / (loss) Current year Next year a. Prince is a cash method of accounting taxpayer. Hampton determines on December 24 of the current year that it will make a $255,000 liquidating distribution to Prince. Hampton pays the liquidating distribution on February 10 of the next year. Assume the same facts as in Part a except that Prince is an accrual method of accounting taxpayer. b