Gentry Corporation distributes land to one of its shareholders, Brad, as part of a plan of liquidation. The land, which was used in Genrty's business, has an adjusted basis of $60,000 and a FMV of $160,000 on the date of distribution. Brad's basis in Gentry Corporation stock is $100,000. What is the amount and character of the gain/loss recognized by Gentry Corporation? What is the amount and character of the gain/loss recognized by Brad?