1. (20 Points) The balance sheet of X Corporation shows the following: Basis FMV Cash $ 10,000 $ 10,000 Equipment $100,000 Less: Depreciation (60,000) 40,000 50,000 Land 1 100,000 150,000 Land 2 150,000 125,000 Total 300,000 335,000 All of the stock is owned by A. Her basis is $200,000. 1. Calculate the gain or loss to X Corporation if X Corporation liquidates and distributes all of its assets to A. 2. Calculate the gain or loss to A on the liquidation in Question 1. 3. Calculate the recognized gain or loss to X Corporation if, after adopting a plan of liquidation, it sells all of its assets for their fair market values and distributes the proceeds. 4. Calculate the gain to A following the transaction in Question 3. 5. Y Corporation purchases the stock from A for $335,000. Y Corporation made a $ 338 election. Assume a corporate tax rate of 30 percent. How much gain or loss is recognized