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 $422,500. Packard's basis in the State stock was $825,000. The land had a basis to State Company of $727,500. What amount of loss does State recognize in the exchange and what is Packard's basis in the land it receives? Multiple Choice No loss recognized by State and a basis in the land of $422,500 to Packard. $305,000 loss recognized by State and a basis in the land of $727,500 to Packard. $305,000 loss recognized by State and a basis in the land of $422,500 to Packard. No loss recognized by State and a basis in the land of $727.500 to Packard