Liquidations- General Rule (Ss 331 and 336). T, an individual, owns all of C Corporation. T purchased the stock 10 years ago for $400,000. T decide completely liquidate C Corporation and all assets of C Corporation were distrihute to T. The balance sheet of C Corporation immediately prior to the liquidation was as follows: individual, owns all the stock I, an Basis Fair Market Value $ 45,00045,000 100,000 250,000 915,000 $1,310,000 Cash 45,000 $350,000 Land . 510,000 $800,000 $400,000 400,000 $800,000 Retained earnings... Common stock 0 1,310,000 Total equity.. $1,310,000 a. What is T's recognized gain or loss? b. What is T's basis in the assets received? c. How much, if any, income or loss will C Corporation recog nize as a result of the liquidation