Content Area Problem 20-28 (Algorithmic) (LO. 1) The stock of Mulberry Corporation is owned by Archana (60%) and Anar (40%), who are mother and daughter. Pursuant to a plan of complete liquidation adopted earlier in the current year, Mulberry distributes land worth $808,000 to Anar (basis of $129,280 in Mulberry stock). The land was purchased by Mulberry Corporation three years ago for $1,050,400, and it is distributed subject to a liability of $646,400. What amount of gain or loss is recognized by Mulberry Corporation and by Anar with respect to the distribution of the land? Mulberry Corporation has a $ 242,400 Anar recognizes a gain of $ x. nonrecognized loss on the distribution of the land. X on the liquidating distribution, and has a basis in the land of $