Question: Please help in answering questions a,b,c,d, and e below. I am not sure how to get the amounts for these questions. I highly appreciate the

Please help in answering questions a,b,c,d, and e below. I am not sure how to get the amounts for these questions. I highly appreciate the help. thanks.

Please help in answering questions a,b,c,d, and e below. I am not

Problem 20-29 (LO. 1, 4} Pink Corporation acquired land and securities in a 351 tax-free exchange. 0n the date of the transfer, the land had a basis of $220,000 and a fair market value of $630,000, and the securities had a basis of $110,000 and a fair market value of $250,000. Pink Corporation has two shareholders, Maria and Paul, who are unrelated. Maria owns 85% of the stock in The Corporation, and Paul owns 15%. Pink adopts a plan of liquidation in the current I,,'ear. 0n the date of the liquidation, the land's fair market value has decreased to $500,000. What is the effect of each of the following on Pink Corporation? If an amount ls zero, enter "".0 a. If Pink Corporation distributes all the land to Maria, the corporation has a realized loss 1' 'r 90,000 X of which $E] J will be recognized. Feedback b. Assume there is no business reason for the transfer of the property. If all the land is distributed to Paul, then the property had a built-In less if of $ 80,000 X which is disallowed v' . Therefore, Pink Corporation will recognize a loss if of $ 130,000 J . Feedback

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