Holiday Corporation distributes land to one of its shareholders, Chris, as part of a plan of liquidation. The land, which was used in Holiday's business, has an adjusted basis of $50,000 and a FMV of $180,000 on the date of distribution. Chris's basis in Holiday Corporation stock is $100,000. What is the amount and character of the gain/loss recognized by Holiday Corporation? What is the amount and character of the gain/loss recognized by Chris