52. L0.6 Emily and Frida are negotiating with George to purchase the business he operates as Pelican, Inc. The assets of Pelican, Inc., a C corporation, are as follows. Asset Basis FMV Cash $ 20,000 $ 20,000 Accounts receivable 50,000 50,000 Inventory 100,000 110,000 Furniture and fixtures 150,000 170,000 Building** 200,000 250,000 Land 40,000 150,000 * Potential depreciation recapture under S 1245 is $45,000. **The straight-line method was used to depreciate the building. The balance in the accumulated depreciation account is $340,000. George's basis for the stock of Pelican is $560,000. George is in the 32% tax bracket. a. Assume that Emily and Frida purchase the stock of Pelican from George and that the purchase price is $908,000. Determine the tax consequences to Emily and Frida, Pelican, and George. b. Assume that Emily and Frida purchase the assets from Pelican and that the pur- chase price is $908,000. Determine the tax consequences to Emily and Frida, Pelican, and George. Assume that the purchase price is $550,000 because the fair market value of the building is $150,000 and the fair market value of the land is $50,000. A zero amount is assigned to goodwill. Emily and Frida purchase the stock of Pelican from George. Determine the Federal income tax consequences to Emily, Frida, Pelican, and George. C