The stock in ivory corporation is owned by gold corporation (80%) and imelda (20%). gold corporation purchased its shares in ivory nine years ago at a cost of $650,000, and imelda purchased her shares in ivory four years ago at a cost of $175,000. ivory corporation has the following assets that are distributed in complete liquidation: adjusted basis fair market value cash $600,000 $600,000 inventory 80,000 200,000 equipment 350,000 200,000 assume that ivory corporation distributes the cash and inventory to gold corporation and the equipment to imelda. what are the tax consequences of the distributions to ivory corporation, to gold corporation, and to imelda? assume that ivory corporation distributes the cash and equipment to gold corporation and the inventory to imelda. what are the tax consequences of the distributions to ivory corporation, to gold corporation, and to imelda?