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Need explanation please. L Corporation's only assets are land and building. Their combined original cost is $1 million, basis is $600,000, and current fair market

Need explanation please. image text in transcribed
L Corporation's only assets are land and building. Their combined original cost is $1 million, basis is $600,000, and current fair market value is $1.2 million. L elected the straight-line method of depreciation. L distributes the land and building to its sole shareholder in complete liquidation. The amount of income that L must report is a. $0 b. $80,000 $400,000 d. $600,000

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