Last year, Maddow Corporation acquired land in a transaction that qualified under 351. The land had a basis of $400,000 to the contributing shareholder and a fair market value of $300,000. Assume that the shareholder also transferred equipment (basis of $100,000, fair market value of $200,000) in the same 351 exchange. In the current year, Maddow Corporation adopted a plan of liquidation and distributes the land to Ali, a shareholder who owns 40% of the stock in Maddow Corporation.The land's fair market value was $220,000 on the date of the distribution to Ali. Maddow Corporation acquired the land to use as security for a loan it had hoped to obtain from a local bank. In negotiating with the bank for a loan, the bank required the additional capital investment as a condition of its making a loan to Maddow Corporation. How much loss can Maddow Corporation recognize on the distribution of the land? (Format your answer to include dollar signs and commas - do not include decimals. Example $9,999,999)