The stock of Broward Corporation is owned by Ted \((65 \%)\) and Fred ( \(35 \%)\) who are father and son. Pursuant to a plan of complete liquidation, Broward distributes land with a fair market value of \(\$ 400,000\) to Fred in exchange for his stock. Broward had purchased the land four years ago for \(\$ 500,000\), and the land is distributed to Fred along with a mortgage liability of \(\$ 150,000\) which Fred assumes. Fred's basis for his Broward stock at the time of liquidation was \(\$ 75,000\).

a. How much loss is recognized by Broward Corporation as a result of the liquidating distribution to Fred?

b. How much gain or loss is recognized by Fred as a result of the liquidation?

c. What is Fred tax basis for the land that he received?