Please answer Fully and show work
The following are based on the following information: (Liquidations)
X adopts a plan of complete liquidation and makes the following pro rata disuibutions
to its shareholders (assume all are individuals):
C Inventory FMV $30,000
D Capital asset FMV $500
(Assume that X acquired the property distributed to D in a 351 transfer 6 months
before adopting the plan of liquidation when the FMV of the property was $800 and X co.'s
basis was $2,800).
E Capital asset FMV
Each shareholder had a $1,000 basis in the X stock.
X Co.'s recognized gain or loss on the distribution
What is the gain or loss recognized by the corporation for d and e
What is the loss orgain recognized by the shareholder for a