Jeremy, an individual using the cash method, owns 100% of Twins Corporation, a C- Corporation. On January 1, 2021, Twins Corporation completely liquidated, distributing all its property to Jeremy. At the date of liquidation, Twins Corporation had net assets with an FMV of $3,200,000 and a basis of $2,200,000. Twins Corporation's earnings and profits at the date of liquidation were $2,800,000. Jeremy's basis in Twins Corporation stock is $1,700,000. Finally, Jeremy had held 100% of the common stock in Twin Corporation for 15 years before the date of liquidation. I a) (4 points) What are the tax implications of the complete liquidation to Twins Corporation? b) (3 points) What are the tax implications of the liquidation to Jeremy, assuming his marginal tax rate is 37%, and his long-term capital gains tax rate is 23.8%? c) (3 points) How would your answer change if Jeremy was a C-Corporation instead of an individual?