3. In 2023, Newton Corporation adopts a plan of liquidation and distributes the following assets to Linda, who owns 80% of Newton's stock. Fair market value Basis Property A 1,000,000 600,000 Property B 600,000 1,000,000 Total 1,600,000 1,600,000 Newton distributes its remaining cash of $400,000 to the other 20% shareholder. What are the tax consequences of the distributions to Newton