Georgia Corporation is owned eighty percent $(80\%)$ by Robert and twenty percent $(20\%)$ by Henry who are unrelated to each other. Pursuant to a Complete Liquidation, Georgia Corporation distributed Land that had a Fair Market Value on the date of distribution of $$100,000$ and a basis to Georgia Corporation of $$700,000.$ The Land was acquired by Georgia Corporation in a Section $351$ transfer two $(2)$ years ago from Henry when its Fair Market Value was $$400,000.($Assume that there was no business purpose for the transfer$).$ What is the Recognized Loss for Georgia Corporation if the Land is distributed entirely to Henry?