. X Corp. assets FMV $2,500,000; Basis $500,000. X Corp. completely liquidates and distributes its assets to A, the sole Shareholder. Shareholder As stock basis is $250,000.

Is a formal plan of dissolution required? __________

What Form is required for X to file to report the liquidation? ___________

Compute Corporate gain/loss indicate amount and category

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Code Section for Part c __________

Compute Corporate Tax $___________________________________________________

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Compute As gain/loss. $___________________________________________________

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Code Section for Part f __________

Assume A is in the maximum tax bracket what is the tax rate applicable to A? (ignore any surtax) _________________

What is As basis in the property received? _________________

Code Section for Part i. Be specific. __________

If X Corp. was a 100% subsidiary of Y Corp. does X recognize a gain on liquidation and if so, compute amount. $___________________________________________________

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Code Section(s) for Part k _____________

What is Y Corps basis in the assets in Part k? $____________

Code Section for Part m. Be Specific. _____________