Pumpkin Corporation is liquidating. It issued a liquidating distribution to its 40% shareholder, Squash Corporation, of land with a fair market value of $500,000. Squash's basis in its Pumpkin stock was $300,000. The land had a basis to Pumpkin of $600,000. What amount of gain does Squash recognize in the exchange and what is its basis in the land it receives? A. $200,000 gain recognized and a basis in the land of $600,000 B. $200,000 gain recognized and a basis in the land of $500,000 C. No gain recognized and a basis in the land of $600,000 D. No gain recognized and a basis in the land of $300,000