Amy and Brian were investigating the acquisition of a tax accounting business, Bottom Line Inc. (BLI). As part of their discussions with the sole shareholder of the corporation, Ernesto Young, they examined the company's tax accounting balance sheet. The relevant information is summarized as follows: FMV Cash Adjusted Basis $ 10,500 $ 10,500 Appreciation Receivables 24,800 24,800 Building 125,500 62,750 62,750 Land 225,750 75,250 150,500 Total $386,550 $173,300 $ 213,250 Payables Mortgage* Total $ 20,000 $ 20,000 178,500 178,500 $198,500 $198,500 *The mortgage is attached to the building and land. Ernesto was asking for $407,550 for the company. His tax basis in the BLI stock was $110,000. Included in the sales price was an unrecognized customer list valued at $118,000. The unallocated portion of the purchase price ($101,500) will be recorded as goodwill. (Negative amounts should be indicated by a minus sign.) What amount of gain or loss does Ernesto recognize if the transaction is structured as a direct asset sale Amy and Brian, and BLI distributes the after-tax proceeds [computed in part (a)] to Ernesto in liquidation his stock? (Round intermediate calculations and final answer to the nearest whole dollar amount.) Answer is complete but not entirely correct. Gain or loss recognized $ 150,415