b. What amount of gain or loss does Tiffany recognize in the complete liquidation? c. What amount of gain or loss does Carlos recognize in the complete liquidation? [The following information applies to the questions displayed below] Tiffany and Carlos decided to flquidate their jointly owned corporation, Royal Oak Furniture (ROF). After liquidating its remaining irventory and paying off its remaining liabilties, ROF had the following tox accounting balance sheet: Under the terms of the agreement, Tiffany will recelve the $300,750 cash in exchange for her 50 percent interest in ROF. Tiffany's tax basis in her ROF stock is $60,250 Carlos will recelve the bulding and land in exchange for his 50 percent interest in ROF. His tax basis in the ROF stock is $107,000. Assume for purposes of this problem that the cash avalfable to distribute to the shareholders has been reduced by any tax paid by the corporation on gain recognized as a result of the liquidation. Note: Negotive amounts should be indicated by a minus sign. Problem 19-63 Part b (Algo) b. What amourit of gain or loss does Tiffany recognize in the complete liquidation? d. What is Carlos's adjusted tax basis in the building and land after the complete liquidation? Assume Tiffany owns 40 percent of the ROF stock and Carlos owns 60 percent. Tiffany will receive $240,600 in the liquidation and Carlos will recelve the land and building plus $60,150 e. What amount of gain or loss does ROF recognize in the complete liquidation? Assume Tiffary owns 40 percent of the ROF stock and Carlos owns 60 percent. Tiflany will recelve $240,600 in the liquidation and. Carlos will receive the land and building plus $60,150 f. What amount of gain or loss does Tiffany recognize in the complete liquidation? Assume Tiffany owns 40 percent of the ROF stock and Carlos owns 60 percent. Tiffary will recelve $240,600 in the liquidation and Carlos will receive the land and building plus $60,150. h. What is Carlos's adjusted tax basis in the building and land after the complete liquidation? 9. What amount of gain or loss does Carlos recognize in the complete liquidation? Assume Tifany owns 40 percent of the ROF stock and Carlos owns 60 percent. Tiffany will receive $240,600 in the liquidation and Carlos will receive the land and building plus $60,150