Christoff owns 70?% of Walton Corporation stock. At the beginning of the current? year, the corporation has $475,000 of NOLs. Christoff plans to liquidate the corporation and have it distribute assets having a $700,000 FMV and a $450,000 adjusted basis to its shareholders. Explain to Christoffthe tax consequences of the liquidation to Walton Corporation.

Begin by calculating the gain or loss Walton will recognize upon liquidating the? company's assets. ?(Use parentheses or a minus for a? loss.)

		-		=	Recognized gain (loss)
		-		=