Pursuant to a complete liquidation, Carrot Corporation distributes to its shareholders real estate held as an investment $($basis of $$778,000,$ fair market value of $$1,011,400).$

a$.$ Determine the gain or loss recognized by Carrot on the distribution if no liability is involved.

If no liability is involved, Carrot has a recognized

of $ on the distribution.

b$.$ Determine the gain or loss recognized by Carrot on the distribution if the real estate is subject to a liability of $$855,800.$

If the real estate is subject to a liability of $$855,800,$ Carrot has a recognized

of $

c$.$ Determine the gain or loss recognized by Carrot on the distribution if the real estate is subject to a liability of $$1,089,200.$

If the liability were $$1,089,200,$ Carrot's recognized $.$

on the distribution would be $