5. PURSUANT TO A COMPLETE LIQUIDATION IN THE CURRENT YEAR Z CORPORATION

DISTRIBUTES TO MOE LAND (FMV $390,000, BASIS OF $425,000) THAT WAS PURCHASED SEVEN YEARS AGO AND HELD FOR INVESTMENT. THAT LAND IS SUBJECT TO A MORTGAGE OF $250,000. MOE OWNS 35% OF Z COPORATION AND HAS A BASIS OF $60,000 IN THOSE SHARES. WHAT ARE THE TAX CONSEQUENCES OF THE LIQUIDATING DISTRIBUTION TO Z CORPORATION AND TO MOE?