FMV 7. Gary and Laura decided to liquidate their jointly owned corporation, Amelia, Incorporated. After liquidating its remaining inventory and paying off its remaining liabilities, Amelia had the following tax accounting balance sheet. Adjusted tax basis Appreciation Cash $ 100,000 $100,000 Building 150,000 200,000 50,000 Land 50,000 120,000 70,000 Total $ 300,000 $420,000 $ 120,000 Under the terms of the agreement, Gary will receive the $100,000 cash in exchange for his interest in Amelia. Gary's tax basis in his Amelia stock is $30,000. Laura will receive the building and land in exchange for her interest in Amelia. Laura's tax basis in her Amelia stock is $60,000. a. What amount of gain or loss does Amelia recognize in the complete liquidation? b. What amount of gain or loss does Gary recognize in the complete liquidation? What amount of gain or loss does Laura recognize in the complete liquidation and what is Laura's tax basis in the building and land after the complete liquidation? C