Friar corporation is the parent entity in a Federal consolidated oroup for corporate income tax purposes, It has a $3,000,000 basis in the stock of its wholly owned subsidiary, Abbey, Ltd. This year Abbey reports a $4,000,000 taxable loss. If an amount is zero, enter " 0 ". a. What is Friar's basis in the Abbey stock after accountinu fot this operoting loss? Friar's basis in the Abbey stock is and Friar now holds as excess loss account for Abbey. b. Friar is considering a sale of the Abbey stock, since prospects for Abbey's future carnings are not encouragin'. What are tax consequences that would result if this sale occura? A disposition likely would trigper of for Friat