AX corporation is owned by V Corporation which has 70 shares and an individual who has 30. V's basis in AX is $300,000 and individual's basis is $100,000. V Corporation wants to liquidate AX Corporation. In order to do this, V needs to purchase individual's share for $150,000 in the current year.

The following year, it shows this

Basis FMV

Cash 350k. 350k

A/R 75k 75k

Equip 1 140k 80k

Equip 2 30k 50k

Land A 200k 175k

Land B 200k 300k

Mort Pay 150k 150k

O/E 400k 1,000,000

Total 550k 1,500,000

AX Corps distributes the inventory and 30k to individual. The remaining assets, including mortgage payable on Land B distributed to V Corp.

What is AX's Corp's recognized gain or loss on the transactions noted above using the tax code on corporate liquidation?