Discussion Question 6-20 (LO. 5) Classify each of the follow as either "Yes" (a tax consequence) or "No" (not a tax consequence) with regard to the parent corporation in a $ 332 liquidation of a subsidiary. A parent corporation recognizes gain or loss in a $ 332 liquidation of a subsidiary. b. The parent takes a basis in the property received equal to the subsidiary's basis in such property. The parent's holding period in the property includes that of the subsidiary. d. The parent's basis in its subsidiary stock is eliminated. a. c