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What is the tax ramification for its only 100 shareholder

Question - SLX INC owns one asset -- a patent with a $5 Million FMV. SLX INC's has $4 Million tax basis in the asset. The corporation also has $500,000 cash on hand in a checking account.

SLX liquidates both assets as a full corporate liquidation (after taxes -- the corporation pays taxes at 35%).

What is the tax ramifications for SLX INC?

What is the tax ramification for its only 100% shareholder (Martie owns 100% of the stock of SLX INC.) if Marty has $4.5 Million tax cost in the shares of SLX INC?

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