9. Brenda owns 100 percent of Walker She has a basis for her stock of Corp. $20.000. The corporation's only assets are cash of $20,000 and land with a basis of $75,000 and a value of $95,000. Earnings and profits are $125,000. Walker Corp liquidates and distributes its assets to Brenda, whose stock is cancelled. a. What is the gain recognized by Walker Corp.? What happens to Walker's earnings and profits? What gain is recognized by Brenda? What is Brenda's basis for the land? b. c. d