Sarah has one shareholder, Parent Co. It distributes the following assets to parent Co and a complete liquidation: Land FMV $150,000, basis 120,000. Inventory FMV $60,000, basis $45,000. Building FMV $280,000, basis $315,000. Cash $10,000. Parent Co has a $400,000 basis in its shares. 

How much total gain or loss will a parent Co recognize on this liquidation?