Problems (90 points - You must show calculations to receive full credit Purple Corporation is acquiring Gray Corporation in a transaction that qualates 350.000 reorganization by exchanging 5650.000 or stock and two parcels (Parcel 1 FMV S350.000 S450,000 and other (FMV of $500,000 and basis of 5350,000) and liabilities of 175.000 Gray also has 200,000 of Earnings & Profits Gray sells both parceis it receives from Purple liquidates, transferring the stock received to its shareholders. What are the tax consequences for its FMV and uses proceeds to compensate criptoyees who are losing their jobs. Gray then the shareholders of Gray Corporation)? of the reorganization to all parties (the acquiring corporation, the target corporation and Acquiring Corp Stock Land Basis Land 2 Basis Thot Com Stock FMV BESL Liability Shareholders New Old Realire Gain Realize Gain Shareholders Realized Gain Recognize Gain Recognize Gain Shareholders Recognize Gain Basis Basis Basis Character of Gain to Target Character of Gain to Target Character of Gain To Shareholder Page 3 of