Jefferson Millinery Incorporated $($JMI$)$ decided to liquidate its wholly owned subsidiary, $8$ Miles High Incorporated $(8$MH$).8MH$ had the

following tax accounting balance sheet:

Note: Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.

Required:

a$.$ What amount of gain or loss does $8MH$ recognize in the complete liquidation?

b$.$ What amount of gain or loss does JMI recognize in the complete liquidation?

c$.$ What is JMI's adjusted tax basis in the building and land after the complete liquidation?

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What is JMI's adjusted tax basis in the building and land after the complete liquidation?