Michelle owns 100% of Omega Corporation's common stock. (Click the icon to view the balance sheet.) On January 2 of the current year, Omega liquidates and distributes all property to Michelle except that Omega retains cash to pay the accounts payable and any tax liability resulting from Omega's liquidation. Assume that Omega has no other taxable income or loss. Assume a 21% corporate tax rate. (Click on the icon to view the tax consequences for Omega.) i (Click on the icon to view the tax consequences for Michelle.) Read the requirement. Determine the tax consequences to Omega, Growing, and Michelle. Let's begin by determining the tax consequences for Omega Corporation if it sells all property other than cash to Growing Corporation for FMV. Select the property needed to compute Omega's total gain or loss, compute the gain or loss for each asset, and determine the character for each gain or loss. Then, compute Omega's total gain or loss and compute Omega's tax liability. Gain or loss recognized Amount Character