Pursuant to a complete liquidation in the current year, Fuchsia Corporation distributes to Carey land (basis of $425,000, fair market value of $390,000) that was purchased three years ago and held as an investment. The land is subject to a liability of $250,000. Carey, who owned 35% of the Fuchsia shares outstanding, had a basis of $60,000 in the stock. What are the tax consequences of the liquidating distribution to Fuchsia Corporation? What are the tax consequences of the liquidating distribution to Carey? What basis will Carey have in the land after the liquidating distribution