Boring Corp was formed $10$ years ago.$$ Exciting Corp owns $90\%$ of the stock in Boring Corp and Frank owns the other $10\%$ of the stock. Boring Corp is facing some legal issues and Exciting Corp and Frank decide to liquidate Boring Corp.$$ At the time, Boring Corp owns $$200,000$ cash, equipment worth $$100,000($basis of $$20,000),$ and land worth $$200,000($basis of $$300,000).$ Boring Corp liquidates and distributes all its assets to Exciting Corp and Frank on a pro rata basis.$$ What is the tax result to Exciting Corp and Frank?