After a complete liquidation has been adopted, White Corporation sells its only asset, unimproved land $($basis of $$200,000)$ held as an investment. The land is sold to Seth $($an unrelated party$)$ for $$500,000.$ Under the terms of the sale, White Corporation receives cash of $$100,000$ and Seth$$s notes for the balance of $$400,000.$ The notes are payable over the succeeding $5$ years $($$$80,000$ per year$)$ and carry an appropriate rate of interest. Immediately after the sale, White Corporation distributes the cash and notes to Adam, the sole shareholder of White. Adam has an adjusted basis of $$150,000$ in the White stock. The installment notes have a value equal to their face amount of $$400,000.$

a$.$ How will White Corporation be taxed on the distribution?

b$.$ How will Adam be taxed on his receipt of the cash and notes?