Mustang Corporation liquidated and distributed its assets to its shareholders. Bronco Corporation was an 80 percent shareholder in Mustang. As part of the liquidating distribution, Bronco Corporation received land with a fair market value of $500,000. Broncos tax basis in the Mustang stock was $200,000. The land had a tax basis to Mustang Company of $90,000. What amount of gain does Bronco recognize in the exchange, if any, and what is its tax basis in the land it receives? Multiple Choice No gain recognized and a basis in the land of $90,000 No gain recognized and a basis in the land of $500,000 $300,000 gain recognized and a basis in the land of $90,000