Alex purchased 1,000 shares of Ambrose Corporation stock on March 10, 2015 for $95,000. On August 1, 2016, Alex received the following as a distribution in cancellation of his stock in a complete liquidation of Ambrose:

Cash - $5,000

Equipment - $10,000

Land - $30,000

Building - $120,000

Liabilities - (20,000)

Total - $145,000

What is the amount and character of Alexs recognized gain?

What is Alexs basis for each of the items of property received?

When does the holding period for each of the items of property begin?

How would your answer to (a) change if Alex had purchased 500 shares of Ambrose stock 15 months ago for $10,000 and the remaining 500 shares six months ago for $80,000.