15) L and M Corp is owned by Leslie and Michael. Leslie owns 55% and Michael owns 45%. L and M Corp distributies the following assets in complete liquidation, none of which were acquired in a 351 transaction or as a contribution of capital.

Adj Basis FMV Cash Equipment Building $800,000 $420,000 $450,000 $800,000 $800,000 $400,000 Land M distributes the cash and building to Leslie and the equipment to Michael Does Land M recognize any gain or loss on this distribution? If so, please state below in detail. Cash Equipment Building