Question 3 The stock of Hill Corp. is 60% owned by Joe and 40% owned by Joe's brother, Bob. During 2007. Bob transferred land (basis of $300,000, FMV of $320,000) as a contribution to capital to Hill Corp. During March 2008, Hill Corp. adopted a plan of liquidation and subsequently made a pro rata distribution of the land back to the brothers. At the time of the liquidating distribution, the land had a FMV of $160,000. What amount of loss can be recognized by Hill Corp.on the distribution of land? $0. $16,000 $40,000 $60,000 Previous