Pink Corporation acquired land and securities in a 351 tax-free exchange. On the date of the transfer, the land had a basis $720,000 and a fair market value of $630,000, and the securities had a basis of $110,000 and a fair market value of $250,000. Pink Corporation has two shareholders, Maria and Paul, who are unrelated. Maria owns 85% of the stock in the corporation, and Paul owns 15%. Pink adopts a plan of liquidation in the current year. On the date of the liquidation, the land's fair market value has decreased to $500,000. What is the effect of each of the following on Pink Corporation? If an amount is zero, enter "0". a. If Pink Corporation distributes all the land to Maria, the corporation has a realized will be recognized. Feedback T Check My Work recognition by a liquidating corporation. b. Assume there is no business reason for the transfer of the property. If all the land is distributed to Paul, then the property had a . Therefore, Pink Corporation will recognize a