Thomas owns all 100 shares Glencoe Inc. Glencoe has one asset, Blackacre, which has a tax basis of $100 and a fair market value of $800. Thomas's basis in his Glencoe stock is $200. Assume Glencoe's tax rate is a flat 21%. What are the tax consequences for Glencoe, Thomas and Clipper if: a. Clipper purchases Blackacre for $800, and Glencoe liquidates? b. Clipper purchases all 100 shares of Glencoe for $800? Thomas owns all 100 shares Glencoe Inc. Glencoe has one asset, Blackacre, which has a tax basis of $100 and a fair market value of $800. Thomas's basis in his Glencoe stock is $200. Assume Glencoe's tax rate is a flat 21%. What are the tax consequences for Glencoe, Thomas and Clipper if: a. Clipper purchases Blackacre for $800, and Glencoe liquidates? b. Clipper purchases all 100 shares of Glencoe for $800