Lee Owns All the Stock of Vireo,Inc Lee Sells His Stock to Katrina for $300,000

Essay

Lee owns all the stock of Vireo,Inc.,a C corporation for which he has an adjusted basis of $150,000.The assets of Vireo,Inc.,are as follows:
$\begin{array}{lll}&\text{Adusted Basys} &\text{FMV}\\\text { Cash } & \$ 35,000 &\$ 35,000\\\text { Accounts recerivable } & 20,000 & 20,000 \\\text { Inventory } & 22,000 & 25,000 \\\text { Building } & 28,000 & 30,000 \\\text { Land } & 40,000& 90,000\end{array}$ Lee sells his stock to Katrina for $300,000.
a. Determine the tax consequences to Lee.
b. Detemune the tax consequences to Katrina.
c. Determine the tax consecuences to Vireo, Inc