Pursuant to a complete liquidation, Carrot Corporation distributes to its shareholders real estate held as an investment $($basis of $$1,066,000,$ fair market value of $$1,385,800).$

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 $$1,172,600.$ If the real estate is subject to a liability of $$1,172,600,$ 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 $$1,492,400.$ If the liability were $$1,492,400,$ Carrot's recognized $$ on the distribution would be $ $$