Pursuant to a complete liquidation, Carrot Corporation distributes to its shareholders real estate held as an investment (basis of $1,325,200, fair market value of $1,722,760).

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 (gain/ loss) 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 $1,457,720. If the real estate is subject to a liability of $1,457,720, Carrot has a (gain/ loss) of $????? .

c. Determine the gain or loss recognized by Carrot on the distribution if the real estate is subject to a liability of $1,855,280. If the liability were $1,855,280, Carrots(gain/ loss) on the distribution would be $ ?????.