1. A liquidation must be reported to the Internal Revenue Service on Form 966

A within 60 days of the adoption of a plan of liquidation.

B) that is filed with the national IRS office.

C) whether the shareholders' realized gain is recognized or not.

D) by the shareholders.

2. Andi Corporation transfers assets with an adjusted basis of $200,000 and an FMV of $300,000 to Bella Corporation in exchange for $300,000 of Bella Corporation stock as part of a tax-free reorganization. The Bella stock had been purchased from its shareholders one year earlier for $250,000. How much gain do Andi and Bella Corporations recognize on the asset transfer?

A)

Andi	Bella
$0	$0

B)

Andi	Bella
$0	$50,000

C)

Andi	Bella
$100,000	$0

D)

Andi	Bella
$100,000	$50,000