c. Assume the fair market value of the land is $32,000 rather than $70,400. What amount of gain or loss, if any, does Alabama Corporation recognize on the distribution? d. Assume the fair market value of the land is $32,000 rather than $70,400. How much gain must Mark recognize (if any) as a result of the distribution and what is his basis in the land? Land basis 3 Check my work Required information [The following information applies to the questions displayed below.] Part 1 of 4 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 $70,400 and its tax basis is $44,400. Mark's basis in his stock is $35,800. 10 points a. What amount of gain or loss, if any, does Alabama Corporation recognize on the distribution? eBook Print References b. How much gain must Mark recognize (if any) as a result of the distribution and what is his basis in the land? Land basis