Katarina transferred her 10 percent interest to Spartan Company as part of a complete liquidation of the company. In the exchange, she received land with a fair market value of $200,000. Katarina's basis in the Spartan stock was $100,000. The land had a basis to Spartan Company of $50,000. What amount of gain does Spartan recognize in the exchange and what is Katarina's basis in the land she receives? 100,000 gain recognized by Spartan and a basis in the land of $200,000 to Katarina $150,000 gain recognized by Spartan and a basis in the land of $200,000 to Katarina No gain recognized by Spartan and a basis in the land of $100,000 to Katarina No gain recognized by Spartan and a basis in the land of $50,000 to Katarina