13 Gary and Laura decided to liquidate their jointly owned corporation, Amelia, Incorporated. After liquidating its remaining inventory and paying off its remaining liabilities, Amelia had the following tax accounting balance sheet. Appreciation 10 points Cash Building Land Adjusted basis $ 100,000 150,000 50,000 $ 300,000 FMV $ 100,000 200,000 120,000 $ 420,000 50,000 70,000 $ 120,000 eBook Total Print References Under the terms of the agreement, Gary will receive the $100,000 cash in exchange for his interest in Amelia. Gary's tax basis in his Amelia stock is $30,000. Laura will receive the building and land in exchange for her interest in Amelia. Laura's tax basis in her Amelia stock is $60,000. What amount of gain or loss does Gary recognize in the complete liquidation