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 $45,000 ten years ago and is currently worth $120,000 If an amount is zero, enter, "O". a. As a result of the distribution, Vogel recognizes a capital gainof all of it passes through to Jamari X b. The net effect of the distribution on Vogel's AAA is a decreaseof 337,200 X which is reported on Schedule K, and 224,800 X c. If the land had been purchased for $120,000 and was currently worth $45,000, Vogel recognizes a loss $337,200X and the net effect on Vogel's AAA is 224,800 X . Jamari would take a 224,800Xbasis in the land Feedback Check My Work When an S corporation distributes property (instead of cash) to a shareholder, the effect on AAA and shareholder's basis must be determined. Noelle, the owner of all of the shares of ClockCo, an S corporation, transfers her stock to Grayson on April 1. ClockCo reports a $70,000 NOL for the entire tax year, but only $10,000 of the loss occurs during January-March. Assume 365 days in a year. Round per day computations to five decimal places. Round final answers to the nearest dollar. Without a short-year election, $17,260.03X of the loss is allocated to Noelle, and $52,739.73X is allocated to Grayson If the corporation makes the short-year election, Grayson is allocated 0 X of the loss. Feedback Check My Work Each shareholder is allocated a pro rata portion of nonseparately stated income or loss and all separately stated items. The pro rata allocation method assigns an equal amount of each of the S items to each day of the year