I expect great and accurate answer on the questions below for the Corporate Tax Accounting problem. I am really upset because Chegg is not providing the great answers on this course so hopefully this one will not the same. Emily and Freda are negotiating with George to purchase the business he operates in corporate form (Pelican, Inc.). The assets of Pelican, Inc., a C corporation, are as follows: Asset Basis FMV Cash $ 20,000 $ 20,000 Accounts receivable 50,000 50,000 Inventory 100,000 110,000 Furniture and fixtures* 150,000 170,000 Building** 200,000 250,000 Land 40,000 150,000 * Potential depreciation recapture under 1245 is $45,000. ** The straight-line method was used to depreciate the building. The balance in the accumulated depreciation account is $340,000. Georges basis for the stock of Pelican, Inc., is $560,000. George is in the 35% tax bracket, and Pelican, Inc., is in the 34% tax bracket. Provide answer the following. a. Assume that Emily and Freda purchase the stock of Pelican from George and that the purchase price is $908,000. Determine the tax consequences to Emily and Freda, Pelican, and George. b. Assume that Emily and Freda purchase the assets from Pelican and that the purchase price is $908,000. Determine the tax consequences to Emily and Freda, Pelican, and George. c. Assume that the purchase price is $550,000 because the fair market value of the building is $150,000 and the fair market value of the land is $50,000. Also assume that no amount is assigned to goodwill. Emily and Freda purchase the stock of Pelican from George. Determine the tax consequences to Emily and Freda, Pelican, and George. Answers briefly please.