BasisCash $50000Inventory 65000Land 50000Totals $165000FMVCash $50000Inventory 7

BasisCash $50000Inventory 65000Land 50000Totals $165000FMVCash $50000Inventory 75000Land 65000Totals $1800001- For an operating distribution outline the tax consequences (amount and character of recognized gain or loss basis in distributed assets) of the distribution to Timothy.2 -For a liquidating distribution outline the tax consequences (amount and character of recognized gain or loss basis in distributed assets) of the distribution to Timothy.3 -Discuss the similarities and differences between the tax consequences of the operating distribution and the tax consequences of the liquidation distribution.