LO.4, 5 The stock of Magenta Corporation is owned by Fuchsia Corporation (90%)

and Marta (10%). Magenta is liquidated in the current year, pursuant to a plan of liquidation adopted earlier in the year. In the liquidation, Magenta distributes various assets worth $1,620,000 (basis of $1,950,000) to Fuchsia (basis of $1.2 million in Magenta stock) and a parcel of land worth $180,000 (basis of $165,000) to Marta (basis of $35,000 in Magenta stock). Assuming that the § 338 election is not made, what are the tax consequences of the liquidation to Magenta, Fuchsia, and Marta?