TIME LEFT: 01:09:19 A corporation is undergoing a complete liquidation. It distributes land to an individual shareholder in exchange for all of the shareholder's stock. The land has a fair market value (FMV) of $40,000 and an adjusted basis of $23,000. The shareholder's basis in the corporation's stock is $30,000. Which gain must this shareholder recognize on the distribution? $7,000 $10,000 $23,000 $40,000 NEXT > BOOKMARK