Packard Corporation transferred its $100$ percent interest to State Company as part of a complete liquidation of the company. In the exchange, Packard received land with a fair market value of $$527,500.$ Packard's basis in the State stock was $$775,000.$ The land had a basis to State Company of $$657,500.$ What amount of loss does State recognize in the exchange and what is Packard's basis in the land it receives?