Copper Corporation (E & P of $1,200,000) distributes land (basis of $410,000, fair market value of $650,000) to Lauren, a shareholder, to carry out a qualifying stock redemption. Lauren had a basis of $90,000 in the shares redeemed. Which of the following is an incorrect statement regarding the redemption? If the land is distributed subject to a $500,000 liability, Copper Corporation will recognize a gain of $90,000. If the land is distributed subject to a $500,000 liability. Lauren will have a basis in the land of $650,000. If the land is distributed subject to a $500.000 liability, Lauren will recognize a gain of $60.000. If the land is distributed subject to a $700.000 liability, Copper Corporation will recognize a gain of $294.000. O No response is correct