The stock of Richmond Corp. is owned 60 percent by Sid and 40 percent by Mark, who are unrelated individuals. During 2018, Sid transferred land (basis of $310843; FMV of $260341) as a contribution to the capital of Richmond Corp. During March 2019, Richmond Corp. adopted a plan of liquidation and subsequently made a non pro-rata distribution of the land to Mark. At the time of the liquidating distribution, the land had a FMV of $222941. What amount of loss can be recognized by Richmond Corp. on the distribution of land to Mark? [Hint: First determine what is Richmond Corp.'s tax basis in the land. Note that Sec. 351 capital contribution does NOT apply in Sid's contribution. Then find Sec. 336 loss limitation on liquidation distribution and determine whether the land is distributed to a majority shareholder and the distribution is non pro-rata or the distributed property is a disqualified property.] Question 10Answer a. $37400 ordinary loss b. $50502 ordinary loss c. $50502 capital loss d. $37400 capital loss e. $87902 capital loss