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 $1,260,000 to Anar (basis of $201,600 in Mulberry stock). The land was purchased by Mulberry Corporation three years ago for $1,638,000, and it is distributed subject to a liability of $1,008,000. 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 liquidating distribution, and has a basis in the land of 5 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 $1,260,000 to Anar (basis of $201,600 in Mulberry stock). The land was purchased by Mulberry Corporation three years ago for $1,638,000, and it is distributed subject to a liability of $1,008,000. 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 Jof $ on the liquidating distribution, and has a basis in the land of $