Jefferson Millinery Inc. (JMI) decided to liquidate its wholly-owned subsidiary, 8 Miles High Inc. (SMH). 8MH had the following tax accounting balance sheet: Appreciation Cash Building Land Total FMV $273,000 94,000 179,00 $546,080 Adjusted Basis $273,000 30,500 117,000 $420,500 63,500 62,000 $125,500 a. What amount of gain or loss does 8MH recognize in the complete liquidation? (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Gain or loss recognized b. What amount of gain or loss does JMI recognize in the complete liquidation? (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Gain or loss recognized c. What is JMI's tax basis in the building and land after the complete liquidation? Carryover tax basis Tax basis equal to FMV