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 $69,550 and its tax basis is $43,800. Marks basis in his stock is $35,350.

a. What amount of gain or loss, if any, does Alabama Corporation recognize on the distribution?

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 $31,500 rather than $69,550. 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 $31,500 rather than $69,550. How much gain must Mark recognize (if any) as a result of the distribution and what is his basis in the land?