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 $$71,80010$ years ago and is currently worth $$179,500.$

If an amount is zero, enter, $"0".$

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 $$

$$ capital qain of $ $$ which is reported on Schedule K$,$ and $q,.$ 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 $$ of $ $$ on Vogel's AAA.

c$.$ Assume instead that the land had been purchased for $$179,500$ and was currently worth $$71,800.$ 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 of $ $$ and the net effect on Vogel's AAA is $s_{?}.$ of $ $$ X$.$ Jamari would take a $ $$ basis in the land.