Henry Hopkins is the sole shareholder of Teak Corporation. Teak has the following assets and liabilities: Basis Value Cash $7,000 $7,000 GM stock 20,000 25,000 Printing press (accumulated depreciation, $15,000) 30,000 38,000 Land (used in business) 15,000 80,000 Mortgage payable (35,000) (35,000) Common stock -- 125,000 Oak Corporation is a potential purchaser of the business. (a.) What are the tax consequences to Henry, Teak, and Oak if Oak purchases all of Teak's stock for $125,000 and does not make a Section 338 election? (b.) What if a Section 338 election is made? (c.) What if Oak buys the assets of Teak, other than cash, for $143,000, with Teak paying off the mortgage from the proceeds and distributing the remainder in complete liquidation?