X Corp acquired the following property from its two shareholders, A and B, in a Section 351 organization: FMV Basis From A…Building 200,000 150,000 From B…Equipment 200,000 260,000 At the time of complete liquidation of the corporation, relevant information regarding the property is as follows: FMV Basis From A…Building 225,000 50,000 From B…Equipment 100,000 180,000

Calculate the gain or loss recognized by X Corp in each of the following independent situations:

A is a 40% shareholder and B is a 60% shareholder. The building is distributed to A and the equipment is distributed to B four years after the corporation was formed.

A is a 60% shareholder and B is a 40% shareholder. The building is distributed to A and the equipment is distributed to B four years after the corporation was formed.

A is a 40% shareholder and B is a 60% shareholder. The equipment is distributed to A and the building is distributed to B twenty months after the corporation was formed.

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