Pursuant to a complete liquidation, Tewahade Corporation distributes the following assets to its unrelated shareholders: land held for three years as an investment (basis of $300,000, fair market value of $600,000), inventory (basis of $100,000, fair market value of $80,000), and marketable securities held for four years as an investment (basis of $200,000, fair market value of $240,000). What are the tax consequences to Tewahade Corporation as a result of the liquidation

a. Tewahade Corporation would recognize no gain or loss on the liquidation.

b. Tewahade Corporation would recognize a net capital gain of $320,000.

c. Tewahade Corporation would recognize a net capital gain of $340,000 and an ordinary loss of $20,000.

d. Tewahade Corporation would recognize a net capital gain of $340,000.