Marsha owns 100% of Gamma Corporation's common stock Gamma is an accrual basis, calendar year corporation. Marsha formed the corporation six years ago by transferring $250,000 of cash in exchange for the Gamma stock. Thus, she has held the stock for six years and has a $250,000 adjusted basis in the stock Gamma's balance sheet at January 1 of the current year is as follows: (Click the icon to view the balance sheet) (Click the icon to view the additional information.) Requirement Determine the tax consequences to Gamma and Marsha. Assume a 21% corporate tax rate. Let's begin by determining the tax consequences for Gamma. Select the property needed to compute Gamma's total gain or loss, compute the gain or loss for each asset and determine the character for each gain or loss. Then, compute Gamma's total gain or loss and compute Gamma's tax liability. Gain or loss recognized Amount Character