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Please show all work and explanations. Thank you. 18. NEIU Corporation is liquidated, with Kyrie receiving $5,000 in money and other property having a $12,000

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Please show all work and explanations. Thank you.

18. NEIU Corporation is liquidated, with Kyrie receiving $5,000 in money and other property having a $12,000 FMV. Kyrie's basis in his NEIU stock is $7,500. Upon liquidation, Kyrie must recognize a gain of A) 0. B) $5,000. C) $9,500. D) $17,000

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