Corporation X is a C corporation which is 100% owned by Miguel. Corporation Y wants to acquire the business of Corporation X for cash. The value of the business is $1,000,000. X’s basis in its assets is $500,000. Miguel’s basis in his stock is $100,000. WHAT ARE THE TAX CONSEQUENCES TO CORPORATION X, CORPORATION Y, AND MIGUEL OF EACH OF THE FOLLOWING? A. A SALE BY MIGUEL OF HIS CORPORATION X STOCK TO CORPORATION Y FOR $1 MILLION? B. A SALE BY CORPORATION X OF ALL OF ITS ASSETS TO CORPORATION Y FOR $1 MILLION, FOLLOWED BY A LIQUIDATION OF CORPORATION X?