Terminateco has assets with a FMV of $3.2 Million and a tax basis of $700,000. The corporate tax rate is 21%. Richard is the only shareholder, and the tax basis of his shares is $500,000. The capital gains tax rate is 20% for individuals. Terminateco has E&P of $1,200,000. If Terminateco liquidates by distributing assets to Richard, and each asset has a FMV greater than its tax basis, then

1. Basis of assets received by Rickco________________________________________
2. What happens to Terminateco E&P _____________________________
3. Tax paid by Terminateco_______________________________________________
4. Assets distributed to Rickco___________________________________________
5. Rickco gain or loss___________________________________________________
6. Tax paid by Rickco____________________________________________________
7. Basis of assets received by Rickco________________________________________
8. What happens to Terminateco E&P _____________________________
9.