Jeremy, an individual using the cash method, owns 100% of Twins Corporation, a C-Corporation. On January 1, 2020, Twins Corporation liquidated, distributing all its property to Jeremy. At the date of liquidation, Twins Corporation had assets with an FMV of $3,500,000 and a basis of $2,800,000. Twins Corporations earnings and profits at the date of liquidation were $2,500,000. Jeremys basis in Twins Corporation stock is $1,900,000. Show all work.

1. What are the tax implications of the liquidation to Twins Corporation?
2. What are the tax implications of the liquidation to Jeremy assuming his marginal tax rate is 37% and his tax rate of capital gains is 23.8%?
3. How would your answer change if Jeremy was a C-Corporation instead of an individual?