The stock in Crimson Corporation is owned by Angel and Melawi, who are assets are to be distributed in complete liquidation of Crimson Corporation: lated. Angel owns 60% and Melawi owns 10% of the wock. All of Crimson Corporation's awes were squired by purchase. The following Adjusted Basis $300,000 110.000 180,000 Fair Market Valve $300,000 Cash 100,000 Inventory Equipment 200.000 400,000 Land What gain or loss, if any, would Corporation recognize if distributes the cash, inventory, and equipment to Angel and the land to Melawat What gain or loss, ifwy, w o n Corporation receif it distribute the equipment and land to Angel and the cash and inventory to Melawi? T T Ariel . 3 T. . . T