Palace Corp. acquired land as a contribution to capital in 2019. The land had a basis of $500,000 and a fair market value of $450,000 on the date of transfer. Palace Corp. has two unrelated shareholdersRobert owns 70% of the stock in Palace Corp. and Susan owns 30%. Palace Corp. adopts a plan of complete liquidation in 2020 and makes a pro rata distribution of the land to Robert and Susan. At the time of the liquidating distribution, the land had a fair market value of $300,000. What amount of loss can be recognized by Palace Corp. on the distribution of the land?

a.$150,000

b.$60,000

c.$50,000

d.$45,000

e.$0