Pursuant to a complete liquidation, Carl Corporation distributes to its shareholders real estate held as an investment (basis of $650,000, fair market value of $775,000). a. Compute the gain or loss recognized by Carl Corporation on the distribution if no liability is involved. b. Compute the gain or loss recognized by Carl Corporation on the distribution if the real estate is subject to a liability of $700,000. c. Compute the gain or loss recognized by Carl Corporation on the distribution if the real estate is subject to a liability of $895,000