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. Mark's basis in his stock is $35,350. b. How much gain must Mark recognize (if any) as a result of the distribution, and what is his basis in the land? Gain recognized Land basis