The stock in Anna Corporation is owned by Rosemary and Clara, mother and daughter. In a complete liquidation of the corporation in 2019, Anna Corporation distributes to Rosemary Land that it purchased in 2008 for $1,500,000. The property had a Fair Market Value on the date of the distribution of $500,000. One year later, Rosemary sells the land for $800,000. What loss will Anna Corporation recognize as a result of the distribution?

1,000,000

700,000

0

300,000