Required Information Assume Tiffany owns $40$ percent of the ROF stock and Carlos owns $60$ percent. Tiffany will receive $$353,200$ in the liquidation and

Carlos will receive the land and building plus $$88,300.$

g$.$ What amount of gain or loss does Carlos recognize in the complete liquidation?

Gain or lo$55$ recognized

Problem $19-63($LO $19-5)($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Tiffany and Carlos decided to liquidate their jointly owned corporation, Royal Oak Furniture $($ROF$).$ After liquidating its

remaining inventory and paying off its remaining liabilities, ROF had the following tax accounting balance sheet:

Under the terms of the agreement, Tiffany will receive the $$441,500$ cash in exchange for her $50$ percent interest in ROF.

Tiffany's tax basis in her ROF stock is $$69,000.$ Carlos will receive the building and land in exchange for his $50$ percent

interest in ROF. His tax basis in the ROF stock is $$137,500.$ Assume for purposes of this problem that the cash available to

distribute to the shareholders has been reduced by any tax paid by the corporation on gain recognized as a result of the

liquidation.

Note: Negatlve amounts should be Indlcated by a minus sign.

Problem $19-63$ Part f $($Algo$)$

Assume Tiffany owns $40$ percent of the ROF stock and Carlos owns $60$ percent. Tiffany will receive $$353,200$ in the liquidation and

Carlos will receive the land and building plus $$88,300.$

f$.$ What amount of gain or loss does Tiffany recognize in the complete liquidation?