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 $632,000 to Anar (basis of $101,120 in Mulberry stock). The land was purchased by Mulberry Corporation three years ago for $821,600, and it is distributed subject to a liability of $505,600. 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 $_____ _______ on the distribution of the land.

Anar recognizes a ________ of $_________ on the liquidating distribution, and has a basis in the land of $_________