Lake Corporation distributes a building used in its business to Sandy in exchange for all of her Lake stock. Sandy's basis in her stock is $30,000 and the property she receives has a $90,000 FMV. As part of the distribution, Sandy assumes a liability associated with the property of $65,000. The property's basis prior to the liquidating distribution was $25,000. a) What is the amount & character of Sandy's recognized gain or loss? b) What is the basis and holding period of the building to Sandy? c) What is the amount & character of Lake's Corporation recognized gain or loss