Which of the following statements does not describe a tax consequence to the liquidated corporation in a complete liquidation?

Multiple Choice

The liquidated corporation does not recognize loss on depreciated property distributed to a corporation that owns 80 percent or more of the liquidated corporation's stock.

The liquidated corporation does not recognize gain on appreciated property distributed to a corporation that owns 80 percent or more of the liquidated corporation's stock.

The liquidated corporation always recognizes gain on appreciated property distributed to corporate shareholders.

The liquidated corporation always recognizes gain on appreciated property distributed to individual shareholders.