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 $55,100, and its tax basis is $33,600. Mark's basis in his stock is $27,700.

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 $23,000 rather than $55,100. 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 $23,000 rather than $55,100. How much gain must Mark recognize (if any) as a result of the distribution, and what is his basis in the land