20-28 (Algorithmic) (LO. 1) The stock of Mulberry Corporation is owned by Archana (60%) and Anar (40%), who are mother and daughter. Pursuant to a plan of complete liquidation adopted earlier in the current year, Mulberry distributes land worth $1,200,000 to Anar (basis of $192,000 in Mulberry stock). The land was purchased by Mulberry Corporation three years ago for $1,560,000, and it is distributed subject to a liability of $960,000. What amount of gain or loss is recognized by Mulberry Corporation and by Anar with respect to the distribution of the land? Mulberry Corporation has a $ Anar recognizes a gain 600,000 X 360,000 nonrecognized loss on the distribution of the land. of $ 600,000 X on the liquidating distribution, and has a basis in the land of $