Jefferson Millinery Inc. (JMI) decided to liquidate its wholly owned subsidiary, 8 Miles High Inc. (8MH). SMH had the following tax accounting balance sheet: Appreciation Cash Building Land FMV $254,500 75,250 179,250 $509,000 Adjusted Basis $ 254,500 31,500 97,000 $ 383,000 43,750 82,250 $126,000 Total What amount of gain or loss does 8MH recognize in the complete liquidation? (Negative amount should be indicated by a hinus sign. Leave no answer blank. Enter zero if applicable.) Gain or loss recognized Jefferson Millinery Inc. (JMI) decided to liquidate its wholly owned subsidiary, 8 Miles High Inc. (8MH). 8MH had the following tax accounting balance sheet: Appreciation Cash Building Land FMV $254,500 75,250 179,250 $509,000 Adjusted Basis $ 254,500 31,500 97,000 $ 383,000 43,750 82,250 $126,000 Total b. What amount of gain or loss does JMI recognize in the complete liquidation? (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Gain or loss recognized Jefferson Millinery Inc. (JMI) decided to liquidate its wholly owned subsidiary, 8 Miles High Inc. (SMH). SMH had the following tax accounting balance sheet: Appreciation Cash Building Land FMV $254,500 75,250 179,250 $509,000 Adjusted Basis $ 254,500 31,500 97,000 $ 383,000 43,750 82,250 $126,000 Total c. What is JMl's tax basis in the building and land after the complete liquidation? Building Land Tax basis