Vogel, Inc., an S corporation for five years, distributes a tract of land held as an investment to Jamari, its majority shareholder. The land was purchased for $119,400 ten years ago and is currently worth $298,500. If an amount is zero, enter, "O". a. As a result of the distribution, what is Vogel's recognized capital gain? How much is reported as a distribution to shareholders? Vogel recognizes a capital gain of $ which is reported on Schedule K, and a proportionate share of it passes through to the shareholders Jamari would take a $ basis in the land. b. What is the net effect of the distribution on Vogel's AAA? There is a net decrease of $ on Vogel's AAA. C. Assume instead that the land had been purchased for $298,500 and was currently worth $119,400. How much would Vogel recognize as a loss? What would be the net effect on Vogel's AAA? What would be Jamari's basis in the land? Vogel recognizes a loss $ and the net effect on Vogel's AAA is of $ Jamari would take a $ basis in the land