A, an individual, owns 100% of X Corp, which is a C corporation. A's basis in this stock is $50. X has two assets: cash of $20 and a parcel of land. The land has a basis of $50 and a fair market value of $100 on January 1, 2020. Effective January 1, 2020 X elects S status. X then sells the land for $100 on July 1, 2020. Later in the year, X liquidates. What consequences to X?