47. Under a plan of complete liquidation, Cain Corporation distributes land (not a disqualified property) with an adjusted basis of $410,000 and an FMV of $300,000 for all Gary's stock. Gary's basis in his 10% interest in the Cain stock is $250,000. Find Gary's basis in the land and Cain Corporation's recognized gain or loss.

A)

Basis	Recognized Gain/Loss
$300,000	$110,000 loss

B)

Basis	Recognized Gain/Loss
$250,000	$110,000 loss

C)

Basis	Recognized Gain/Loss
$300,000	$0

D)

Basis	Recognized Gain/Loss
$250,000	$0