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. a. As a result of the distribution, what is Vogels recognized capital gain? How much is reported as a distribution to shareholders? b. What is the net effect of the distribution on Vogels AAA? c. Assume instead that the land had been purchased for $120,000 and was currently worth $45,000. How much would Vogel recognize as a loss? What would be the net effect on Vogels AAA? What would be Jamaris basis in the land?