Green Corporation's assets are valued at $$1,498,500$ after payment of all corporate debts, except for $$224,775$ of taxes payable on net gains it recognized on the liquidation. Bruno, an individual and the sole shareholder of Green, has a basis of $$78,671$ in his stock.

Compute the gain or loss recognized by Bruno on the liquidation of Green Corporation.

Bruno has a recognized

$$ of $

$x$ as a result of the liquidation.

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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 $332$ relating to the liquidation of a subsidiary.