12. Big Corporation distributed land to its sole shareholder, Little Corporation, in a liquidating distribution. At the time of the distribution, the land had a fair market value of $240,000 and Big Corporations adjusted basis in the land was $200,000. The land was encumbered by a $250,000 mortgage. How much gain did Big Corporation recognize as a result of the distribution? a. 0. b. $10,000. c. $40,000. d. $50,000