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Lake City Corporation owns all of the stock in Columbia Corporation. Pursuant to a plan of completeliquidation, Columbia distributes land having a$500,000 FMV and a$200,000

Lake City Corporation owns all of the stock in Columbia Corporation. Pursuant to a plan of completeliquidation, Columbia distributes land having a$500,000 FMV and a$200,000 basis to Lake City. LakeCity's basis in the land will be

A.

$500,000.

B.

$200,000.

C.

0.

D.

cannot be determined from the facts presented

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