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

Boston corporation acquired two years in a section 351 transfer which used its business. The property had FMV of $450,000 and basis of $600,000 at contribution. The shareholder elected to claim the basis adjustment. In liquidation Boston distributes the land to its 30% shareholder Nancy. The other shareholders are unrelated. At distribution the land has FMV of $400,000. What is the gain or loss recognized by Boston on the distribution?