The answers that have been posted to this question are wrong. please help with a new answer.

51. LO.4, 5 The stock of Magenta Corporation is owned by Fuchsia Corporation (95%) and Marta (5%). Magenta is liquidated in the current year, pursuant to a plan of liquidation adopted earlier in the year. In the liquidation, Magenta distributes various assets worth $950,000 (basis of $620,000) to Fuchsia (basis of $700,000 in Magenta stock) and a parcel of land worth $50,000 (basis of $75,000) to Marta (basis of $30,000 in Magenta stock). Assuming that the 338 election is not made, what are the tax consequences of the liquidation to Magenta, Fuchsia, and Marta