Magenta Corporation acquired land in a 351 exchange one year ago. The land had a basis of $320,000 and a FMV of $350,000 at the time of the transfer. Magenta has two shareholders, Mark (70%) and Megan (30%), who are brother and sister. Magenta Corporation adopts a plan of liquidation in the current year. As of this date, the land has decreased in value to $250,000. Magenta Corporation sells the land for $250,000 and distributes the proceeds pro rata to Mark and Megan. What amount of loss will Magenta recognize on the sale of the land?

	A.	$0.
	B.	$21,000.
	C.	$70,000.
	D.	$30,000.
	E.	$100,000.