Alabama Corporation, an S corporation, liquidates this year by distributing a parcel of land to its sole shareholder, Mark Ingram. The fair market value of the parcel is $70,400, and its tax basis is $44,400. Marks basis in his stock is $35,800.

b. How much gain must Mark recognize (if any) as a result of the distribution, and what is his basis in the land?

c. Assume the fair market value of the land is $32,000 rather than $70,400. What amount of gain or loss, if any, does Alabama Corporation recognize on the distribution?

d. Assume the fair market value of the land is $32,000 rather than $70,400. How much gain must Mark recognize (if any) as a result of the distribution, and what is his basis in the land?