Pursuant to a complete liquidation, Carrot Corporation distributes to its shareholders real estate held as an investment $($basis of $$943,600,$ fair market value of $$1,226,680).$

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 $$1,037,960.$

If the real estate is subject to a liability of $$1,037,960,$ 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 $$1,321,040.$

If the liability were $$1,321,040,$ Carrot's recognized on the distribution would be $