I agree the squadron code is R5. I can see the bottom of the short leg of the R, upside down with a slight bend in it. I can also see the top of the R, which has been pushed up and to the right of the short R leg. I can also just see the "bottom" of the 5 to the left of the R leg. Here is a link to a picture of the way the plane is painted. (This is the side of the plane in the photo, upside down.)
http://www.487thbg.org/Photos/BigDripJr.shtml
MACR 11238 (24 DEC 44) gives info for 42-98019 of the 487th BG 839th BS. It was forced to abort when they had to feather #3 and #2 engine began to give them trouble. They were over Belgium and turned back toward England. As they came out over the channel the #1 engine blew up. They turned back again toward Ostend, salvoed the bombs, and started bail out procedures. Some of the crew bailed out over water and the rest over land. Last known position of the plane is given as 5108N 0245E when it was still in the air. 6 of the crew are listed as RET and 4 as MIA. The MIA were lost in the channel.
I would think this is a possible candidate. The MACR does not state where it actually came down.