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 $50,850, and its tax basis is $30,600. Mark's basis in his stock is $25,450.

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 $20,500 rather than $50,850. 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 $20,500 rather than $50,850. How much gain must Mark recognize (if any) as a result of the distribution, and what is his basis in the land?