Landon, age 61, is a participant in a stock bonus plan. The value of the employer stock contributions to the plan over the course of his participation totaled $165,000. On December 1, 20x1, Marcus takes a full distribution of the employer stock from the plan at a value of $550,000. Fourteen months later, Marcus sells all of the stock for $400,000. Which of the following statements is true?
 
 -Marcus has a long-term capital gain of $385,000 for 20x1.

 -Marcus has deferred long term capital gain of $165,000 in 20x1.

 -Marcus has a long-term capital loss of $150,000 in 20x3.

 -All of the above statements are false.