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 $ 269,250 27,000 96,000 Cash Building Land $ 269,250 88,500 180,750 Total $ 538,500 $ 392,250 Appreciation 61,500 84,750 $ 146,250 a. What amount of gain or loss does 8MH recognize in the complete liquidation? Gain or loss recognized