[Solved] Dave, Erica, and Faye are all unrelated. Each has owned 100 shares of News Corporation stock for five years and each has a $180,000 basis in those 100 shares. News Corporation's E&P is $720,000. News redeems all 100 of Dave's shares for $300,000, their FMV. a)What is the amount and character of Dave's recognized gain or loss? What basis do Erica and Faye have in their remaining shares? What effect does the redemption have on News's E&P? b)Assuming instead that Dave is Erica's son, answer the questions in part (a)again. Win-Lose Conflict: A conflict resolution outcome where one party's gain is directly correlated to another's loss, often leading to a competitive or adversarial situation. Sexual Harassment: Unwelcome or inappropriate sexual advances, requests for sexual favors, or other verbal or physical conduct of a sexual nature, in a workplace or other professional or social situations. Live Nude Model: A person who poses without clothing in real time, typically for artists, photographers, or in educational contexts. Art Professor: An academic teacher specialized in the study and teaching of art, who may also be actively involved in producing their own artworks.