Emily and Freda are negotiating with George to purchase the business that he operates as Pelican, Inc. The assets of Pelican, Inc., a C corporation, are as follows Asset Cash Accounts receivable Inventory Furniture and fixtures Building Land Basis $20,000 50,000 100,000 150,000 200,000 40,000 FMV $20,000 50,000 110,000 170,000 250,000 150,000 The potential depreciation recapture under 1245 is $45,000 The straight-line method was used to depreciate the building. The balance in the accumulated depreciation account is $340,000 George's basis for the stock of Pelican is $560,000, George is in the 32% tax bracket a. Assume that Emily and Freda purchase the stock of Pelican from George and that the purchase price is $908,000 The basis for the stock purchased by Emily and Freda would be George would have a recognized gain of that is classified as b. Assume that Emily and Freda purchase the assets from Pelican and that the purchase price is $908,000 Emily and Freda's basis in the assets is recognized gain is and they will have goodwill with a basis of . Pelican's total , of which is a capital gain and is ordinary income C. Assume that the purchase price is $550,000 because the fair market value of the building is $150,000, and the fair market value of the land is $50,000. Also, assume that no amount is assigned to goodwill. Emily and Freda purchase the stock of Pelican from George The basis for the stock purchased by Emily and Freda is$ George would receive a recognized of that would be classified as