Joe owns 70% of JF co and Fred owns the other 30%. Joe's stock basis is $49,000. In a pro-rata distribution, which is part of a plan for liquidation, JF distributes land with a value of $120,000 and a basis of $180,000. The land was acquired in a $351 transaction 4 years ago, Joe also receives $20,000 cash. What is JF's recognized gain or loss on this distribution? a. b. c. d. $0 QUESTION 7 the problem above, what is Joe's recognized gain or loss? a. $0 b. $55,000 c. $75,000 d. $95,000 Joe owns 70% of JF co and Fred owns the other 30%. Joe's stock basis is $49,000. In a pro-rata distribution, which is part of a plan for liquidation, JF distributes land with a value of $120,000 and a basis of $180,000. The land was acquired in a $351 transaction 4 years ago, Joe also receives $20,000 cash. What is JF's recognized gain or loss on this distribution? a. b. c. d. $0 QUESTION 7 the problem above, what is Joe's recognized gain or loss? a. $0 b. $55,000 c. $75,000 d. $95,000