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 $269,000 ten years ago and is currently worth $672,500. 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 of $ which is reported on Schedule K, and Jamari would take basis in the land. b. What is the net effect of the distribution on Vogel's AAA? There is a net. of $ on Vogel's AAA. C. Assume instead that the land had been purchased for $672,500 and was currently worth $269,000. 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 Sof $ Jamari would take a 4 basis in the land. 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 $269,000 ten years ago and is currently worth $672,500. 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 of $ which is reported on Schedule K, and Jamari would take basis in the land. b. What is the net effect of the distribution on Vogel's AAA? There is a net. of $ on Vogel's AAA. C. Assume instead that the land had been purchased for $672,500 and was currently worth $269,000. 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 Sof $ Jamari would take a 4 basis in the land