2) Does Honeymooner recognize any gain or loss relating to the liquidating distributions?

3)What is Kramden and Norton's tax basis in the respective property received by them in

the liquidating distribution?

4) If Kramden sells the inventory after holding it for two years as investment property for

its fair market value of $50,000, what is the amount of the gain or loss recognized and

what is the character of such gain or loss?