Required information [The following information applies to the questions displayed below.] Jefferson Millinery Incorporated (JMI) decided to liquidate its wholly owned subsidiary, 8 Miles High Incorporated (8MH). 8MH had the following tax accounting balance sheet: (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Cash Building Land Adjusted Tax Basis $ 252,250 FMV $ 252,250 86,750 165,500 Appreciation 28,250 101,000 58,500 64,500 $ 504,500 $ 381,500 Total $ 123,000 a. What amount of gain or loss does 8MH recognize in the complete liquidation? Gain or loss recognized Required information [The following information applies to the questions displayed below.] Jefferson Millinery Incorporated (JMI) decided to liquidate its wholly owned subsidiary, 8 Miles High Incorporated (8MH). 8MH had the following tax accounting balance sheet: (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) FMV Adjusted Tax Basis $ 252,250 28,250 101,000 Appreciation Cash Building Land $ 252,250 86,750 165,500 58,500 64,500 Total $ 504,500 $ 381,500 $ 123,000 b. What amount of gain or loss does JMI recognize in the complete liquidation? Gain or loss recognized ! Required information [The following information applies to the questions displayed below.] Jefferson Millinery Incorporated (JMI) decided to liquidate its wholly owned subsidiary, 8 Miles High Incorporated (8MH). 8MH had the following tax accounting balance sheet: (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Adjusted Tax Basis FMV Appreciation Cash Building Land $ 252,250 86,750 165,500 $ 252,250 28,250 101,000 58,500 64,500 $ 504,500 $ 381,500 $ 123,000 Total c. What is JMI's adjusted tax basis in the building and land after the complete liquidation? Building Land Tax basis