In the current year, Shearwater Corp is liquidated. The company distributes its only asset (land with a FMV of 100,000 and an adjusted basis of 20,000) to Oscar, its sole shareholder. Oscar's basis in the stock is 60,000. a. What are the amount and character of the gain or loss recognized by Oscar and Shearwater upon the liquidation? b. What is Oscar's basis in the land?

		SHAREHOLDER	CORP
AMOUNT REALIZED
A/B
REALIZED GAIN
RECOGNIZED
CHARACTER?
BASIS IN LAND RECEIVED