For seven years, Greece Corporation has been owned entirely by Seth and Mckayla, who are husband and wife. Seth and Mckayla have a $166,000 basis in their jointly owned Greece stock. The Greece stock is Sec. 1244 stock. They receive the following assets in liquidation of their corporation: accounts receivable, $10,000 FMV; a car, $14,000 FMV; office furniture, $9,000 FMV; and $25,000 cash.

What are the amount and character of their gain or loss?

= Gain (loss) recognized