Robin transferred her 60 percent interest to Cardinal Company as part of a complete liquidation of the company. In the exchange, she received land with a fair market value of $800,000. Robin's basis in the Cardinal stock was $900,000. The land had a basis to Cardinal Company of $1,000,000. What amount of loss does Cardinal recognize in the exchange and what is Robin's basis in the land she receives? The distribution was non pro rata to Robin, a related person. $200,000 loss recognized by Cardinal and a basis in the land of $1,000,000 to Robin $200,000 loss recognized by Cardinal and a basis in the land of$800,000 to Robin No loss recognized by Cardinal and a basis in the land off $1,000,000 to Robin No loss recognized by Cardinal and a basis in the land of $800,000 to Robin