$3.$ Michael owns $55$ percent of the stock of Oberon Corporation. Four years ago, Michael contributed property with an adjusted basis of $$20,000$ and a fair market value of $$8,000$ to Oberon is a $351$ transfer. This year, Oberon adopted a plan of complete liquidation and distributed the property back to Michael. On the date of distribution, the property had an adjusted basis of $$16,000$ and a fair market value of $$5,000.$ How much loss will Oberon recognize on the distribution?

a$.$ $$0$

b$.$ $$3,000$

c$.$ $$11,000$

d$.$ $$12,000$

$5.$ Pursuant to a plan of reorganization adopted in the current year, Stockbridge Corporation exchanged property with an adjusted basis of $$100,000$ for $10,000$ shares of the Lee Corporation. The shares of Lee had a fair market value of $$120,000$ on the date of the exchange. Stockbridge Corporation was liquidated shortly after the exchange, with its sole shareholder Yolanda receiving the Lee shares. Yolanda had a $$110,000$ basis in the Stockbridge shares surrendered. As a result of this exchange, what are Yolanda$$s recognized gain and her basis in the Lee stock?

a$.$ $$0$ recognized gain and $$100,000$ stock basis.

b$.$ $$0$ recognized gain and $$110,000$ stock basis.

c$.$ $$0$ recognized gain and $$120,000$ stock basis.

d$.$ $$20,000$ recognized gain and $$120,000$ stock basis.