I will thumbs up for a timely response and the correct answer.

Iowa corporation distributes land to its 30% individual shareholder in complete liquidation. The other 70% is owned by an unrelated party. The land (acquired by purchase) has a FMV of $60,000 and is subject to a liability of $80,000. The basis in the land is $70,000. The shareholder assumes the liability. What is the corporations realized gain or loss on the distribution.