The stock of Mulberry Corporation is owned by Archana $(60\%)$ and Anar $(40\%),$ who are mother and daughter. Pursuant to a plan of complete liquidation adopted earlier in the current year, Mulberry distributes land worth $$424,000$ to Anar $($basis of $$67,840$ in Mulberry stock$).$ The land was purchased by Mulberry Corporation three years ago for $$551,200,$ and it is distributed subject to a liability of $$339,200.$ What amount of gain or loss is recognized by Mulberry Corporation and by Anar with respect to the distribution of the land?

Mulberry Corporation has a $$,$ of recognized $1$ siss

recognized gain

nonrecognized gain

nonrecognized loss iquidating distribution, and has a basis in the land of $