The stock of Richmond Corp. is owned 60 percent by Sid and 40 percent by Mark, who are unrelated individuals. During 2017, Sid transferred land (basis of \(\$ 300,000\); FMV of \(\$ 260,000\) ) as a contribution to the capital of Richmond Corp. During March 2018, Richmond Corp. adopted a plan of liquidation and subsequently made a non pro rata distribution of the land to Mark. At the time of the liquidating distribution, the land had a FMV of \(\$ 230,000\).

a. What amount of loss can be recognized by Richmond Corp. on the distribution of land to Mark?

b. What is Mark's tax basis for the land that he received?