Question: Theta Corporation purchased all the assets of Alpha Corporation for $2,100,000. Alpha Corporation then liquidated. The basis of the assets sold was $1,465,000 and the FMV $2,000,000. Which of the following is true? Alpha recognizes $535,000 gain. Alpha recognizes $635,000 gain. Alpha recognizes $0 gain. Theta has $2,000,000 basis in the assets it purchased.