Premier Corporation adopts a plan of complete liquidation on January 1 of the current year. The corporation sells the assets listed below to Chief Corporation during the current year. This sale is followed by the assumption of Premier's liabilities by Chief Corporation and a single liquidating distribution of $950,000 cash to Dhakir (Premier's sole shareholder) on December 12 of the current year (assume 20). Dhakir has a $300,000 basis in his Premier stock, which he has held for seven years. The following facts are relevant: i (Click the icon to view the relevant facts.) Read the requirements. Requirement a. What are the tax consequences of the liquidation to Premier? (Enter amounts in whole dollars.) Premier Corporation recognizes $ of ordinary income due to and $ of from the sale of the fixed assets. Inventory costing $800,000 is sold to customers for $1,100,000. Depreciable fixed assets with a $2,800,000 adjusted basis are sold for $3,550,000. Depreciation recapture under Sec. 1245 is $700,000. Land held as a capital asset with a $7,000,000 adjusted basis is sold for $11,000,000. . a. b. c. What are the tax consequences of the liquidation to Premier? What are the tax consequences to Dhakir upon his receiving the liquidating distribution? How would your answers to Parts a and b change if the assets were instead distributed to Dhakir in exchange for his Premier stock and Dhakir then proceeded to sell the assets for the prices indicated above