On January 10, 2020, the Board of Directors of ABC Corporation voted to adopt a plan of liquidation as of February 1, 2020. On January 20, 2021, they sell land and realize a $400,000 loss. On February 10, 2021, they sell a building acquired in 2011 and depreciated under ACRS at a $200,000 gain (total depreciation recapture potential of $380,000). ABC distributes all of its assets to its shareholders on December 31, 2020. What will ABCs final tax return report?

A) $400,000 loss on sale of land only

B) No gain or loss on sale of land and building

C) $400,000 loss on sale of land and $200,000 ordinary income on sale of building

D) $200,000 ordinary income on sale of building only