3: Assume that Ontario Fine Foods is a C Corporation in 2024.It is now 2025, and Ontario Fine Foods wants to acquire Huron Fine Foods, a C Corporation. It is most interested in acquiring the assets of Huron Fine Foods because of the lawsuits that exist regarding food poisoning. The stock of Huron Fine Foods has a fair market value of $12,000,000, and the shareholders have a tax basis in the stock of $7,500,000. The assets of Huron Fine Foods have a fair market value of $8,000,000, and a tax basis of $4,300,000. - Please identify a way in which Ontario Fine Foods can acquire Huron Fine Foods in a tax efficient manner. - Identify the tax impact (i.e., gain or loss) to 1) Ontario Fine Foods, 2) Huron Fine Foods, and 3) the shareholders of Huron Fine Foods. - Identify Ontario Fine Foods' tax basis in the assets of Huron Fine Foods (post acquisition). iDENTIFY ONTARIO FINE FOOD'S TAX BASIS IN THE ASSETS OF HURON FINE FOODS POST ACQUISITION