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 $204,400 ten years ago and is currently worth $511,000. 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 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 of $ on Vogel's AAA. c. Assume instead that the land had been purchased for $511,000 and was currently worth $204,400. 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 of and the net effect on Vogel's AAA is of $ X . Jamari would take a basis in the land