Required information The following information applies to the questions displayed below) Tiffany and Carios 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 Appreciation (Depreciation) Cash Building Land Total FMV $ 351,000 81,500 269,500 5 702,000 Adjusted Tax Basis $ 351,000 31,500 367,500 $750,000 50,000 (98,000) $ (48,000) Under the terms of the agreement. Thany will receive the $351,000 cash in exchange for her 50 percent interest in ROF Tiffany's tax basis in her ROF stock is $65,000Carlos will receive the building and land in exchange for his 50 percent interest in ROF His tax basis in the ROF stock is $113,500 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 (Negative amounts should be indicated by a minus sign.) a. What amount of gain or loss does ROF recognize in the complete liquidation? Answer is complete but not entirely correct. Gain of loss recognized $ 237 5003