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Fernando was a one-third shareholder in Rodriguez, Inc. prior to its liquidation in March. Fernandos basis in his Rodriguez stock was $50,000. In March, Rodriguez

Fernando was a one-third shareholder in Rodriguez, Inc. prior to its liquidation in March. Fernandos basis in his Rodriguez stock was $50,000. In March, Rodriguez distributed property worth $125,000 (basis $80,000) in complete liquidation of Fernandos Rodriguez shares. Fernando took the property subject to a $30,000 liability. How much taxable gain must Fernando recognize upon receipt of the property from Rodriguez?

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