Please show all work for each step! Thanks.

Jack A Corp (E & P of $1,350,000) distributes land (basis of $423,000, fair market value of $697,000) to a shareholder, to carry out a qualifying stock redemption. had a basis of $96,300 in the shares redeemed. Which of the following is an incorrect statement regarding the redemption? Jack If the land is distributed subject to a $740,000 liability, Corporation will recognize a gain of $317,000. None of these. If the land is distributed subject to a $510,000 liability, Corporation will recognize a gain of $274,000. If the land is distributed subject to a $510,000 liability, will have a basis in the land of $697,000. Jack