For three years, Opal Corporation has been owned equally by Andrea and Bill. Andrea and Bill have $30,000 and $15,500 adjusted bases, respectively, in their Opal stock. Andrea receives a $22,000 cash liquidating distribution in exchange for her Opal stock. Bill receives as a liquidating distribution a parcel of land having a $60,000 FMV and subject to a $42,000 mortgage, which he assumes, and $4,000 of cash in exchange for his Opal stock.

What are the amount and character of each shareholder's gain or loss?

Gain (loss) recognized =