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Jalen transferred his 10 percent interest to Wolverine Company as part of a complete liquidation of the company. In the exchange, he received land with a fair market value of $100,000. Jalen's basis in the Wolverine stock was $80,000. The land had a basis to Wolverine Company of $50,000. What amount of gain does Jalen recognize in the exchange and what is his basis in the land he receives