At the time of its liquidation under 332 Cardinal Corporation( E & P of $ 56000

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At the time of its liquidation under 332 Cardinal Corporation( E & P of $ 560000) had the following assets andliabilities:cash ($ 175000); marketable securities ( fair market value of $230000 basis of $ 250000); unimproved land ( fair market valueof $ 600000 basis of $ 300000); unsecured note payable ($50000); and mortgage on the unimproved land ($ 270000).Cardinal also had a net operating loss carryover of $ 45000. WrenCorporation acquired all the stock of Cardinal seven years ago for$ 160000.a. How much gain (or loss) will Cardinal Corporation recognize uponthe liquidating distribution of its assets and liabilities to WrenCorporation?b. How much gain (or loss) will Wren Corporation recognize in theliquidation of Cardinal?c. What basis will Wren have in the marketable securities andunimproved land it receives in the liquidation?d. What happens to Cardinals E & P and net operating losscarryover?

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