Kevin and Bob have owned and operated SOA as a C corporation for a number of years. When they formed the entity, Kevin and Bob each contributed $100,000 to SOA. They each have a current basis of $100,000 in their SOA ownership interest. Information on SOAs assets at the end of year 5 is as follows (SOA does not have any liabilities):

Assets	FMV		Adjusted Basis		Built-in Gain
Cash	$	200,000	$	200,000	$	0
Inventory		80,000		40,000		40,000
Land and building		220,000		170,000		50,000
Total	$	500,000

At the end of year 5, SOA liquidated and distributed half of the land, half of the inventory, and half of the cash remaining after paying taxes (if any) to each owner. Assume that, excluding the effects of the liquidating distribution, SOA's taxable income for year 5 is $0.

b. What is the amount and character of gain or loss Kevin will recognize when he receives the liquidating distribution of cash and property? Recall that his stock basis is $100,000 and he is treated as having sold his stock for the liquidation proceeds.