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 $$153,400$ ten years ago and is currently worth $$383,500.$

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

of $fill in the blank $2$ which is reported on Schedule K$,$ and

$.$ Jamari would take a $fill in the blank $4$ basis in the land.

b$.$ What is the net effect of the distribution on Vogel's AAA?

There is a net

of $fill in the blank $6$ on Vogel's AAA.

c$.$ Assume instead that the land had been purchased for $$383,500$ and was currently worth $$153,400.$ 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 $fill in the blank $7$ and the net effect on Vogel's AAA is

of $fill in the blank $9.$ Jamari would take a $fill in the blank $10$ basis in the land.