! Required information [The following information applies to the questions displayed below.] Jones Mills Incorporated (JMI) decided to liquidate its wholly owned subsidiary, Most Help, Incorporated (MH). MH had the following tax accounting balance sheet: (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Appreciation (Depreciation) Cash Building Land Total FMV $ 205,650 61,400 144,250 $ 411,300 Adjusted Tax Basis $ 205,650 11,900 206,000 $ 423,550 49,500 (61,750) $ (12,250) a. What amount of gain or loss does MH recognize in the complete liquidation? Gain or loss recognized ! Required information (The following information applies to the questions displayed below.) Jones Mills Incorporated (JMI) decided to liquidate its wholly owned subsidiary, Most Help, Incorporated (MH). MH had the following tax accounting balance sheet: (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Appreciation (Depreciation) Cash Building Land Total FMV $ 205,650 61,400 144,250 $ 411,300 Adjusted Tax Basis $ 205,650 11,900 206,000 $ 423,550 49,500 (61,750) $ (12,250) b. What amount of gain or loss does JMI recognize in the complete liquidation? Required information [The following information applies to the questions displayed below.] Jones Mills Incorporated (JMI) decided to liquidate its wholly owned subsidiary, Most Help, Incorporated (MH). MH had the following tax accounting balance sheet: (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Appreciation (Depreciation) Cash Building Land Total FMV $ 205,650 61,400 144,250 $ 411,300 Adjusted Tax Basis $ 205,650 11,900 206,000 $ 423,550 49,500 (61,750) $ (12,250) c. What is JMI's adjusted tax basis in the building and land after the complete liquidation? Building Land Tax basis