Required information (The following information applies to the questions displayed below.) Alabama Corporation, an S corporation, liquidates this year by distributing a parcel of land to its sole shareholder, Mark Ingram. The fair market value of the parcel is $57,650, and its tax basis is $35,400. Mark's basis in his stock is $29,050. b. How much gain must Mark recognize (if any) as a result of the distribution, and what is his basis in the land? Gain recognized Land basis $ 57,650 c. Assume the fair market value of the land is $24,500 rather than $57,650. What amount of gain or loss, if any, does Alabama Corporation recognize on the distribution? Loss recognized d. Assume the fair market value of the land is $24,500 rather than $57,650. How much gain must Mark recognize (if any) as a result of the distribution, and what is his basis in the land? Answer is not complete. Loss recognized Land basis