(3) XYZ Corporation redeems a portion of its stock owned by one of its shareholders, Black. The corporation redeems Black's shares by distributing to him a parcel of real property with a FMV of $420,000 and an adjusted basis in the hands of XYZ Corporation of $245,000. What is the amount of gain, if any; XYZ Corporation will recognize that under the following circumstances? (a) The redemption fails to satisfy any of the tests of 302(b) and therefore fails to fit within the provisions of 302(a) and is required to be tested under $301? (b) The redemption satisfies the test set forth in 302(b)(2) and therefore does fit within the provisions of $302(a).