During the current year, Crow Corporation is liquidated and distributes its only asset, land, to its sole shareholder. On the date of distribution, the land has a basis of $$300,000,$ has a fair market value of $$650,000,$ and is subject to a liability of $$400,000.$ The shareholder, who takes the land subject to the liability, has a basis of $$75,000$ in the Crow stock. Which of the following statements regarding the distribution of the land is true?

a$.$ The shareholder has a basis of $$250,000$ in the land.

b$.$ The shareholder has a basis of $$300,000$ in the land.

c$.$ The shareholder recognizes a gain of $$175,000.$

d$.$ Crow Corporation recognizes a gain of $$100,000.$

e$.$ The shareholder recognizes a gain of $$575,000.$