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Tiffany and Carlos decided to liquidate their jointly owned corporation, Royal Oak Furniture $($ROF$).$ After liquidating its remaining inventory and paying off its remaining liabilities, ROF had the following tax accounting balance sheet:

Under the terms of the agreement, Tiffany will receive the $\backslash (\backslash$$ $365,250\backslash )$ cash in exchange for her $50$ percent interest in ROF. Tiffany's tax basis in her ROF stock is $\backslash (\backslash$$ $64,250\backslash ).$ Carlos will receive the building and land in exchange for his $50$ percent interest in ROF. His tax basis in the ROF stock is $\backslash (\backslash$$ $121,500\backslash ).$ Assume for purposes of this problem that the cash available to distribute to the shareholders has been reduced by any tax paid by the corporation on gain recognized as a result of the liquidation.

Note: Negative amounts should be indicated by a minus sign.

a$.$ What amount of gain or loss does ROF recognize in the complete liquidation? Assume Tiffany owns $40$ percent of the ROF stock and Carlos owns $60$ percent. Tiffany will receive $\backslash (\backslash$$ $292,200\backslash )$ in the liquidation and Carlos will receive the land and building plus $\backslash (\backslash$$ $73,050\backslash ).$

f$.$ What amount of gain or loss does Tiffany recognize in the complete liquidation?

Gain or loss recognized Assume Tiffany owns $40$ percent of the ROF stock and Carlos owns $60$ percent. Tiffany will receive $\backslash (\backslash$$ $292,200\backslash )$ in the liquidation and Carlos will receive the land and building plus $\backslash (\backslash$$ $73,050\backslash ).$

g$.$ What amount of gain or loss does Carlos recognize in the complete liquidation?

Gain or loss recognized Assume Tiffany owns $40$ percent of the ROF stock and Carlos owns $60$ percent. Tiffany will receive $\backslash (\backslash$$ $292,200\backslash )$ in the liquidation and Carlos will receive the land and building plus $\backslash (\backslash$$ $73,050\backslash ).$

h$.$ What is Carlos's adjusted tax basis in the building and land after the complete liquidation?