Johnson owns 70% of Normandy Corporation stock. At the beginning of the current year, the corporation has $425,000 of NOLs. Johnson plans to liquidate the corporation and have it distribute assets having a $625,000 FMV and a $300,000 adjusted basis to its shareholders. Explain to Johnson the tax consequences of the liquidation to Normandy Corporation. ... Begin by calculating the gain or loss Normandy will recognize upon liquidating the company's assets. (Use parentheses or a minus for a loss.) Recognized gain (loss) NOL carryover. The remaining NOL carryover Any profits The from the preceding step along with any profits earned during the final tax year and losses created in the year of liquidation