XYZ Corporation has not adopted ASC 740. Its balance sheet is as follows: Fixed Assets $ 800 Note payable Equity 800 $ 600 200 800 Assume a tax rate of 30%. Because of accelerated depreciation, the tax basis of the fixed assets is $100. The book basis of the assets is $800, which is also the fair market value. If XYZ sells its assets for $800, can it pay off its note payable with its after tax proceeds? Do they still have to pay $200 in tax