QUESTION 5 In liquidation of its wholly-owned subsidiary, Jennings Corporation received inventory with a value of $400,000 and a tax basis of $320,000, land with a value of $500,000 and a tax basis of $650,000, and equipment with a value of $200,000 and a tax basis of $80,000. What is Jennings tax basis in the assets received in liquidation of the subsidiary corporation? Oa. Inventory, $400,000; land, $650,000; and equipment, $200,000 Ob. Inventory, $320,000; land, $500,000; and equipment, $80,000 c. Inventory, $400,000; land, $500,000; and equipment, $200,000 d. Inventory, $320,000; land, $650,000; and equipment, $80,000