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 $575,000 to Anar (basis of $100,000 in Mulberry stock). The land was purchased by Mulberry Corporation three years ago for $65,000, and it is distributed subject to a liability of $425,000. What amount of gain or loss is recognized by Mulberry Corporation and by Anar with respect to the distribution of the land