24. The stock of Delaney Corporation is 70% owned by Richard and 30% owned by Richard's sister, Kristin. During 2017, Kristin transferred property (basis of $100,000 and FMV of $120,000) as a contribution to the capital of Delaney. During May 2017, Delaney adopted a plan of liquidation and subsequently made a pro rata distribution of the property back to Richard and Kristin. At the time of the liquidation, the property had an FMV of $80,000. What amount of loss can be recognized by Delaney on the distribution of property? A) SO B) $30,000 C) $45,000 D) $100,000 25. HolyCow Corporation is liquidated, with Sneha receiving $4,000 in money and other property having a $7,000 FMV. Sneha's basis in his HolyCow stock is $6,000. Upon liquidation, Sneha must recognize a gain of A) 0. B) $5,000. C) $8,000 D) $11,000