QUESTION 7 Cobm Corponation trensfers allofits asseta, basis o of Cobra's liabilities, Cobra distributes 10 points Save Anawer rs350,000 and FMV of $750,000, to Peanut Corporation. Cobra receives voting stock in Peanut valued an $600,000 and Peanut assumes $1.50,000 the Peanut voting stock to its shareholders and is liquidated. Which, if any, of the following statements regarding chis transaction is t correct? Cobra has a realised gain ossooo and a recognied gain of ssoooo. Cobra has a realed gain of $400,000 andarecognied gain of SO Cobra has a realized gain of S150,000 and a recognied gain of $0. O Cobra has a realized gain of $400,000 and a recognized gain of $150,000 O None of the above statements is correct QUESTION 10 points Save Answer exchanges stock he owns in Pecan Corporstion for stock in Almond Corporation plus a bond worth $75,000 (principal amount of $70,000, The exchange is pursuaent to a tasx-free reorganization of both corporations. Sebastian paid $300,000 for the stock in Pecan four years ago. The Almond stock is worth $400,000. Sebastian recognizes gain on the transaction of O$100,000 O $70,000 O $76,000 O None of the above QUESTION9 10 points Save Answer The stock in Palm Corporation is held equally by two brothers. One year before its liquidation, the shareholders transfer peoperty (basis of $350,000, fair market value of $200,000) t0 Palm Corporation in returm for stock. In a current year liquidation, Palm Corporation transfers the property (now worth $150,000) pro rata to the brothers. What amount of loss will Palm Corporation recognize on the distribution? o $o O $50,000 $150,000 $200,000 O None of the above