40) Mike and Michelle decided to liquidate their jointly owned corporation, Pennsylvania Corporation. After liquidating its remaining inventory and paying off its remaining liabilities, Pennsylvania had the following tax accounting balance sheet. Cash Building Land Total Version 1 FMV Adjusted tax basis. Appreciation $ 200,000 $ 200,000 200,000 100,000 $ 500,000 100,000 150,000 100,000 (50,000) $ 450,000 $ 50,000 16 Under the terms of the agreement, Mike will receive the $100,000 cash in exchange for his 20 percent interest in Pennsylvania Corp. Mike's tax basis in his Pennsylvania stock is $50,000. Michelle will receive $100,000 cash, plus the building and land in exchange for her 80 percent interest in Pennsylvania. Her tax basis in the Pennsylvania stock is $100,000. What amount of gain or loss does Michelle recognize in the complete liquidation?