Ball Corporation owns 80% of Net Corporation's stock and Jack owns the remaining 20% of Net Corporation's stock. Ball's basis in the Net stock is $200,000 and Jack's basis in the Net stock is $100,000. Under a plan of complete liquidation, Ball Corporation receives property with an adjusted basis of $400,000 and an FMV of $800,000 and Jack receives property with an adjusted basis of $50,000 and an FMV of $200,000. Ball, Jack and Net's recognized gains on the liquidation are:

Ball	Jack
$0	$0

Ball	Jack
$0	$100,000

Ball	Jack
$200,000	$50,000

Ball	Jack
$600,000	$100,000