$1.$ L Corporation had two shareholders when in liquidated pursuant to a plan of complete liquidation: A and B $,$ two individuals who were unrelated to each other. A owned $60$ shares of L stock and B owned $40$ shares of L stock $($the only shares outstanding$).$ A$\text{'}$s adjusted basis was $\backslash$$$1,000$ per share and B$\text{'}$s adjusted basis was $\backslash$$$1,300$ per share. L had accumulated E$\backslash$&P of $\backslash$$$100,000.$ At the time of liquidation, L owned three assets:Acquired $2$ years ago in a $351$ transactionAcquired $2$ years ago in a $351$ transactionPurchased last year L also has a liability of $\backslash$$$6,000.$ What income, gain or loss, if any is recognized if L$\text{'}$s liquidation is pro rata? C A B What basis does B take in Asset $\backslash$#$1?$ How would you structure the liquidating distribution to minimize income recognition? $2.$ A$,$ an individual, and C Corporation with a fiscal year end October $31,$ formed partnership P on July $1,2023.$ A contributed $\backslash (\backslash$$ $20,000\backslash )$ cash and owns a $\backslash (20\backslash \%\backslash )$ capital and profits interest, and C contributed a property FMV $\backslash$$$80,000$ and adjusted basis $\backslash$$$5,000,$ and owns an $80\backslash \%$ capital and profits interest. P lost $\backslash$$$2,000$ each month from July $1,2023,$ through June $30.2024,$ and earned $\backslash (\backslash$$ $1,000\backslash )$ per month every month thereafter. a$.$ What income, gain or loss, from P $,$ if any, does A report on A$\text{'}$s; i$.2023$ income tax return ii$.2024$ income tax return iii. $2025$ income tax return b$.$ What is B$\text{'}$s outside basis at the end of the partnership's $2024$ tax year? c$.$ What income, gain or loss, from P$,$ if any, does C report $($recognize$)$ on C$\text{'}$s i$.2023$ income tax return?