Small company was liquidated in the current year by parent company, its sole shareholder. parent received the following assets on june 15 pursuant to the liquidation: basis to fair small market value cash $100,00o$100,000 accounts receivable 40,000 40,000 plant assets (net) 70,000 90,000 land (mortgage on land $40,000)90,000 110.000 total $300,00o$340,000 also pursuant to the liquidation, parent assumed the mortgage of $40,000 on the land. parent corporation's basis in small common stock is $205,00o. what are the amount and the character of the gain or loss parent must recognize from the liquidation? $95.000 capital gain. ke $135.000 capital gain. in $340.000 dividend

$95,000 Capital Gain

Explanation:

First, note that during liquidation, the fair market value should be used for the valuation of assets

Step 1: Calculate the Net Assets taken over at Fair Market Value

Total Assets at the Market Value = $340,000

Subtact: Liabilities (land Mortgage) = ($40,000)

The Net Asset at Fair market value = $300,000

Step 2: Calculate the Capital Gain  or loss from the Liquidation

fair Value of Net Assets Taken Over              = $300,000 (from step 1)

Subtract: The Common stock of Small Com. = ($205,000)

The Capital Gain                                              = $95,000

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