During the current year, Ecru Corporation is liquidated and distributes its only asset, land, to Kena, the sole shareholder. On the date of distribution, the land has a basis of $250,000, a fair market value of $650,000, and is subject to a liability of $500,000. Kena, who takes the land subject to the liability, has a basis of $120,000 in the Ecru stock. With respect to the distribution of the land, which of the following statements is correct?

Pursuant to a complete liquidation, Lilac Corporation distributes the following assets to its unrelated shareholders: land held for three years as an investment (basis of $300,000; fair market value of $500,000; liability of $600,000), inventory (basis of $100,000; fair market value of $80,000; no liability), and machinery held for four years (basis of $210,000; fair market value of $250,000; liability $125,000). What are the tax consequences to Lilac Corporation as a result of the liquidation?

The stock of Lavender Corporation is held as follows: 80% by Jade Corporation (basis of $400,000) and 20% by Tiffany (basis of $100,000). Lavender Corporation is liquidated in December of the current year, pursuant to a plan adopted earlier in the year. Pursuant to the liquidation, Lavender Corporation distributed Asset A (basis of $600,000, fair market value of $900,000) to Jade, and Asset B (basis of $250,000, fair market value of $225,000) to Tiffany. No election is made under § 338. With respect to the liquidation of Lavender:

What is the most abundant gas in our atmosphere? 

Name of the 3 basic types of clouds.    

When a tornado has been sighted visually or on radar, what is issued: a tornado warning or a tornado watch?  

Name of the 3 means of heat or energy transport. 

Which of the following animals produce a non-living exoskeleton that must be molted to accommodate growth?

Define monoecious.

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