Consider the following situations. (Click the icon to review each of the situations.) Read the requirement. (Round your answers to the nearest whole dollar. If a shareholder does not have a basis in the property stated, leave the box empty; do not enter a zero. For the type of change necessary, make sure to select an answer for each scenario.) Situation a. Premium Corporation distributes land having a $225,000 FMV and a $95,000 adjusted basis to Lily, its sole shareholder. The land, a capital asset, is subject to a $30,000 mortgage, which Lily assumes. (Click the icon to view the possible changes necessary to improve the tax consequences.) Shareholder's Change necessary Shareholder Property Amount Gain or loss recognized Character basis for to improve the property received tax consequences a. Lily Land Capital gain