SilaI 2013, Alex received the following as a distribution in cancellation of his stock in a complete liquidation of Apple: a) What is the amount and character of Alex's recognized gain? b) What is Alex's basis for each of the items of property eceived? C) When does the holding period for each of the items of property begin? @) How would your answer to (a) change if alex had purchased 500 shares of Apple stock 15 months ago for $10,000, and the remaining 500 shares six months ago for $80,000 Fair Market value Cash 5,000 Equipment 10,000 Land 30,000 Building 120,000 Liabilities (20,000) 145,000