A Corp (a "C" corporation) has a sole shareholder, K. K transferred the following assets to A Corp (also a "C" corporation) in a qualifying Section 351 formation:

Basis FMV

Land 300000 180000

Inventory 20000 20000

Machinery 100000 400000

Eighteen months later, K decides to close down the business. A Corp distributes the following assets in complete liquidation of the corporation to K:

A's Basis FMV

Land 300000 160000

Machinery 0 200000

Calculate the gain/loss recognized by A Corp on the distribution, K's basis in the asstes received, and any gain/loss recognized by K on the distribution