Tiffany and Carlos decided to liquidate theirjointly 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: Under the terms of the agreement, Tiffany will recetve the $262,250 cash in exchange for her 50 percent interest in ROF. Tiffany's tax basis in her ROF stock is $58,000. Carlos will receive the buiding and land in exchange for his 50 percent interest in ROF. His tax basis in the ROF stock is $116,500. 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. Note: Negative amounts should be indicated by a minus sign. Required: a. What amount of gain or loss does ROF recognize in the complete liquidation? b. What amount of gain or loss does Tiffany recognize in the complete liquidation? c. What amount of gain or loss does Carlos recognize in the complete liquidation? d. What is Carlos's adjusted tax basis in the building and land after the complete liquidation? c. What amount of gain or loss does Carlos recognize in the complete liquidation? d. What is Carlos's adjusted tax basis in the building and land after the complete liquidation? Assume Tiffany owns 40 percent of the ROF stock and Catios owns 60 percent. Tiffany will receive $209,800 in the liquidation and Carios will receive the land and bullding plus $52.450. e. What amount of gain or loss does ROF recognize in the complete liquidation? Assume Tiffany owns 40 percent of the ROF stock and Carlos owns 60 percent. Tiffany will receive $209.800 in the liquidaton and Carlos will receive the land and buiding plus $52,450. f. What amount of gain of loss does Tiffany recognize in the complete liquidation? Assume Titfany owns 40 percent of the ROF stock and Carlos owns 60 percent Tiffany will receive $209.800 in the liquidation and Carios will receive the tand and building plus $52,450 9. What amount of gain or loss does Carlos recognize in the complete liquidation? Assume Tiffany owns 40 percent of the ROF g sock and Carlos owns 60 percent Jiffany will teceive $209,800 in the liquidation and Carlos will recelve the land and building plus $52.450 h. What is Carios's adjusted tax basis in the buiding and land atter the complete liquidation? Complete this question by entering your answers in the tabs below. What amount of gain or loss does ROF recognize in the complete liquidation? Conplete this question by entering your answers in the tabs below. What amount of gain or loss does Tiffany recognize in the complete liquidation? Complate this question by entering your onswers in the tabs below. What amount of gain or toss does Carlos recognize in the complete liquidation? Complete this question by entering your answers in the tabs below. What is Carlos's adjusted tax basis in the building and fand after the complete liquldation? Complete this question by entering your answers in the tabs below. Assume Tiffany owns 40 percent of the ROF stock and Carlos owns 60 percent. Tiffany will recelve $209,800 in the liquidation and Carlos will receive the land and building plus $52,450. What amount of gain or loss does RoF recognize in the complete liquidation? Complete this question by entering your answers in the tabs below. Assume Tiffany owns 40 percent of the RoF stock and Carlos owns 60 percent. Tiffany will recelve $209,800 in the liquidation and Carlos will receive the land and building plus $52,450. What amount of gain or loss does Tiffany recognize in the complete liquidation? Complete this question by entering your answers in the tabs below. Assume Tiffany owns 40 percent of the ROF stock and Carlos owns 60 percent. Tiffany will receive $209,800 in the liquidation and Carlos will receive the land and building plus $52,450. What amount of gain or loss does Carlos recognize in the complete liquidation? Complete this question by entering your answers in the tabs below. Assume Tiffany owns 40 percent of the ROF stock and Carlos owns 60 percent. Tiffany will receive $209,800 in the liquidation and Carlos will receive the land and building plus $52,450. What is Carlos's adjusted tax basis in the bullding and land after the complete liquidation