Tiffany and Carlos decided to liquidate their jointly owned corporation, Royal Oak Furniture (ROF). After liquidating its remaining inventory and paying off its remaining liabilities, ROF had the following tax accounting balance sheet: FMV Adjusted Basis Appreciation (Depreciation) Cash $ 237,500 $ 237,500 Building 87,000 32,000 55,000 Land 150,500 212,500 (62,000 ) Total $ 475,000 $ 482,000 $ (7,000 ) Under the terms of the agreement, Tiffany will receive the $237,500 cash in exchange for her 50 percent interest in ROF. Tiffany's tax basis in her ROF stock is $57,500. Carlos will receive the building and land in exchange for his 50 percent interest in ROF. His tax basis in the ROF stock is $104,000. Assume for purposes of this problem that the cash available to distribute to the shareholders has been reduced by any tax paid by the corporation on gain recognized as a result of the liquidation. (Negative amounts should be indicated by a minus sign.)a. What amount of gain or loss does ROF recognize in the complete liquidation
b. What amount of gain or loss does Tiffany recognize in the complete liquidation?
c. What amount of gain or loss does Carlos recognize in the complete liquidation?
d. What is Carlos’s tax basis in the building and land after the complete liquidation?

2. activities included (and not included) in the calculation ofgdp the gross domestic product (gdp) of the united states is defined as the all in a given period of time. based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the gdp of the united states in 2017. scenario 2017 gdp included excluded calculo, a u. s. electronics company, produces a calculator at a plant in indonesia on march 17, 2017. calculo imports the calculator into the united states on may 21, 2017. awake cafe, a u. s. coffee company, produces a latte at its location in minneapolis on january 9, 2017. it sells the latte to a customer immediately. fastlane, a japanese automobile company, produces a sedan at a plant in indiana on december 12, 2017. a family buys the sedan on december 24. you chop down a cherry tree on your property in california and make a dining room table in 2017. a similar table sells for $800 in a local furniture store. graincorp, a u. s. agricultural company, produces corn syrup at a plant in iowa on september 19, 2017. it sells the corn syrup to crunchy's for use in the production of cereal that will be made in the united states in 2017. (note: focus exclusively on whether production of the corn syrup increases gdp directly, and ignore the effect of production of the cereal on gdp.)