4 1 6 . 6 6 points eBook. Hint Print References Required A Required B Required C 1 Required C 2 Ernesto was asking for

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Required C$1$

Required $C2$

Ernesto was asking for $$518,350$ for the company. His tax basis in the BLI stock was $$122,000.$ Included in the sales price was an unrecognized customer list valued at $$162,000.$ The unallocated portion of the purchase price $($$$83,250)$ will be recorded as goodwill.

Note: Negative amounts should be indicated by a minus sign.

Required:

a$.$ What amount of gain or loss does BLI recognize if the transaction is structured as a direct asset sale to Amy and Brian? What amount of corporate$-$level tax does BLI pay as a result of the transaction?

b$.$ What amount of gain or loss does Ernesto recognize if the transaction is structured as a direct asset sale to Amy and Brian, and BLI distributes the after$-$tax proceeds $[$computed in part $($a$)]$ to Ernesto in liquidation of his stock?

Note: Round intermediate calculations and final answer to the nearest whole dollar amount.

c$1.$ What are the tax benefits, if any, to Amy and Brian as a result of structuring the acquisition as a direct asset purchase?

c$2.$ What is the tax basis in the assets received by Amy and Brian?

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What amount of gain or loss does BLI recognize if the transaction is structured as a direct asset sale to Amy and Brian? What amount of corporate$-$level tax does BLI pay as a result of the transaction?

$\backslash$table$[[$Cash paid,,,$],[$Liabilities assumed,,,$],[$Amount realized,$$,0,],[$Adjusted Basis,,,$],[$Gain or Loss Recognized,$$,0,],[$Tax Rate,,,$\%$