Marcia is a 50 percent shareholder of Chevez Corp., which is in the process of liquidation. Marcias basis for her stock is $25,000. Chevezs balance sheet on the date of liquidation is as follows:

Assets Basis Value

Cash $32,000 $32,000

100 shares of Public Co. 20,000 6,000

Accounts receivable 200,000 170,000

Land 50,000 300,000

Building (depreciated straight line) 246,000 500,000

Totals $548,000 $1,008,000

Equities Value

Mortgage on real estate $310,000

Unsecured liabilities 182,000

Capital stock 10,000

Paid-in capital 30,000

Earnings and profits 16,000

Total $548,000

If Marcia receives her 50 percent share of all assets and liabilities, determine her gain and her basis in each asset received as a result of the liquidation. Assume that Chevezs tax rate is 21 percent but that no tax was paid by Chevez.