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.

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?