Pursuant to a complete liquidation, Pierce Corporation distributes to its shareholders land with a basis of $350,000 and a fair market value of $800,000. The land is subject to a liability of $900,000. What is Pierce's recognized gain or loss on the distribution?

Select one:

A. $100,000 gain.

B. $450,000 gain.

C. $550,000 gain.

D. $570,000 gain.

E. None of the above.