Exercise 20-16 (LO. 1) Green Corporation's assets are valued at $920,000 after payment of all corporate debts, except for $134,000 of taxes payable on net gains it recognized on the liquidation. Bruno, an individual and the sole shareholder of Green, has a basis of $280,000 in his stock. Compute the gain or loss recognized by Bruno on the liquidation of Green Corporation Bruno has a recognized gain of $ as a result of the liquidation. Feedback Check My Work The tax consequences to the shareholders of a corporation in the process of liquidation are governed either by the general rule of 331 or by the exception of S 332 relating to the liquidation of a subsidiary