Corp A wishes to acquire the business of Corp T. Corp T stock is worth $650 million, and its shareholders cumulatively have a tax basis of $300 million in the Corp T shares. Corp T has no debt, very little cash, and assets with a cumulative tax basis of $100 million.

1. What result if Corp A buys all the shares of Corp T for $650M?
2. What result if Corp A buys all the assets of Corp T for $650M?
3. What other options are available to Corp A? Does this answer change if Corp T is a subsidiary of a consolidated tax group?