During the current year, Ecru Corporation is liquidated and distributes its only asset, land, to Kena. the sole shareholder. On the date of distribution. the land has a basis of $5250\mathrm{.}000$ a a fair market value of $$650\mathrm{.}000.$ and is subiect to a liability of $5500\mathrm{.}000.$ Kena. whot takes the land sublect to the liabilitv. has distribution of the land:

What is the basis of the land to Kena?

What is the gain or loss that Ecru Corporation recognizes upon the transaction?