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Cher Required information The following information applies to the questions displayed below) Amy and Brian were investigating the acquisition of a tax accounting business, Bottom

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Cher Required information The following information applies to the questions displayed below) 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: Appreciatio Cash Receivables Building Land Total FMV $ 24,250 20,000 148.500 292.750 $490,500 Adjusted Basis $ 24, 25e 20,000 74.250 99,250 $217,750 74,250 190, 500 5272,750 Payables Mortgage" Total $ 28,700 116,250 $144,950 5 28,700 116,250 $144,950 The mortgage is attached to the building and land. Ernesto was asking for $590,300 for the company His tax basis in the BLI stock was $106,000. Included in the sale price was an unrecognized customer list valued at $153.000. The unallocated portion of the purchase price ($91.750) will be recorded as goodwill. (Negative amounts should be indicated by a minus sign.) a. What amount of gain or loss does BLI recognize if the transaction is structured as a direct asset sale to Amy and Brian? What amount of corporate-level tax does BLI pay as a result of the transaction? Cash paid Liabilities assumed Amount realized Adjusted Basis Gain or Loss Recognized Tax Rate b. What amount of gain or loss does Ernesto recognize if the transaction is structured as a direct asset sale to Amy and Brian, and BLI distributes the after-tax proceeds (computed in part (a)] to Ernesto in liquidation of his stock? (Round intermediate calculations and final answer to the nearest whole dollar amount.) Required information Complete this question by entering your answers in the tabs below. Req c1 Req c2 What is the tax basis in the assets received by Amy and Brian? Cash Accounts receivable Building Land Customer list Goodwill Total

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