Tiffany and Carlos decided to liquidate their jointly owned corporation, Royal Oak Furniture (ROF). After liquidating its remaining inventory and paying off its remaining liabilities, ROF had the following tax accounting balance sheet: FMV Adjusted Tax Basis Appreciation (Depreciation) Cash $ 275,500 $ 275,500 Building 73,000 25,250 47,750 Land 202,500 255,000 (52,500) Total $ 551,000 $ 555,750 $ (4,750) Under the terms of the agreement, Tiffany will receive the $275,500 cash in exchange for her 50 percent interest in ROF. Tiffany's tax basis in her ROF stock is $56,500. Carlos will receive the building and land in exchange for his 50 percent interest in ROF. His tax basis in the ROF stock is $133,500. Assume for purposes of this problem that the cash available to distribute to the shareholders has been reduced by any tax paid by the corporation on gain recognized as a result of the liquidation. (Negative amounts should be indicated by a minus sign.) Assume Tiffany owns 40 percent of the ROF stock and Carlos owns 60 percent. Tiffany will receive $220,400 in the liquidation and Carlos will receive the land and building plus $55,100.

f. What amount of gain or loss does Tiffany recognize in the complete liquidation?