3. [20\%] Shareholders Anna, Barbara and Cassandra ("A, B and C) each own 1/3 of ABC Co., a C corporation. A,B and C are individuals. The shareholders each have a basis of $250,000 in their stock. The shareholders are planning to cause ABC Corp. to terminate its business, liquidate and dissolve. (The reference here to liquidate means that ABCC. will sell all its assets for their FMV and then distribute the proceeds [post paying the company's tax and other liabilities] to its shareholders.) Assume, post liquidation, that ABC Corp. will have $1.5M of cash to distribute. ABC Corp. owns the assets set our below. (The company does not have any liabilities.) 3a. What are the tax consequences of the liquidation/dissolution of ABC Corp. to A,B and C and to ABC Corp. including gain / loss > recognition (if any), to the company and A,B and C individually? 3b. What would be the results of liquidating/dissolving ABC Corp. if ParentCo. also a C corporation, owned 100% of ABC Corp. (owning the same assets as set out above) instead of being owned by individual shareholders A,B and C. And, further, instead of selling the assets ABC Corp. simply distributes the assets to ParentCo (which assets ParentCo will, prospectively, use in its business) 
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