C:6-40 Tax Consequences of a Corporate Liquidation. Marsha owns 100% of Gamma Corporation's common stock. Gamma is an accrual basis, calendar year corporation. Marsha formed the corporation six years ago by transferring $250,000 of cash in exchange for the Gamma stock. Thus, she has held the stock for six years and has a $250,000 adjusted basis in the stock. Gamma's balance sheet at January 1 of the current year is as follows: Assets Basis FMV Cash $ 400,000 $ 400,000 Marketable securities 50,000 125,000 Inventory 300,000 350,000 Equipment 200,000 275,000 Building 500,000 750,000 Total $1,450,000 $1,900,000