Crystal Lake Corporation adopts a plan of complete liquidation months later Crystal Lake sells its main asset a lake resort in which it has a basis of 175.000 , for $ 685,000 to an unrelated partnership Crystal Lake received a down payment of $ 250,000 and a mortgage note payable in installments of $ 7,250 a month for 5 years plus 6 percent interest on the remaining balance . Crystal Lake Corporation uses its existing cash to pay the tax and distributes the 250,000 cash from the sale and the note to its only shareholder, Jason , who has a basis of $ 47,500 for his stock If there is not recapture , what are the tax consequences to Crystal Lake Corporation and to Jason which means calculate gain or loss on distribution to Crystal Lake and calculate gain or loss on distribution to Jason and basis in the assets