During the current year, Omega Corporation distributes the assets listed below to its sole shareholder, Lisa.

Assume that Omega has an E&P balance exceeding the amount distributed and is subject to a 21% tax rate. Unless stated otherwise, adjusted bases for taxable income and E&P purposes are the same.

a.	A parcel of land used in Omega's business that has a $150,000 FMV and a $120,000 adjusted basis.
b.	Assume the same facts as in Part a except that the land is subject to a $110,000 mortgage.
c.	FIFO inventory having a $48,000 FMV and a $24,000 adjusted basis.
d.	A building used in Omega's business having an original cost of $200,000, a $300,000 FMV, and a $139,000 adjusted basis for taxable income purposes. Omega has claimed $61,000 of depreciation for taxable income purposes under thestraight-line method. Depreciation for E&P purposes is $54,000.
e.	An automobile used in Omega's business having an original cost of $20,000, a $13,000 FMV, and a $9,600 adjusted basis. For taxable income purposes, Omega has claimed $10,400 of MACRS depreciation on the automobile. For E&P purposes, depreciation is $8,700.
f.	Installment obligations having a $47,000 face amount (and FMV) and a $35,500 adjusted basis. The obligations were created when Omega sold a Sec. 1231 asset.