Bell Corporation is 100% owned by George, who has a \ $400,000 basis in his Bell stock. Bells operations have been unprofitable in recent years, \ and it has incurred small NOLs. Its operating assets currently have a $300,000 FMV and \ a $500,000 adjusted basis. George is approached by Time Corporation, which wants to \ purchase Bells assets for $300,000. Bell expects to have approximately $200,000 in cash \ after the payment of its liabilities.\ a. What are the tax consequences of the transaction if Bell adopts a plan of liquida-tion, sells the assets, and distributes the cash in redemption of the Bell stock within a \ 12-month period?\ b. What advantages (if any) would accrue to Bell and George if the corporation remains \ in existence and uses the $200,000 of cash that remains after payment of the liabilities \ to conduct a new trade or business?