Under a plan of complete liquidation, Key Corporation (a C corporation) distributes land with an adjusted basis of $360,000 and an FMV of $250,000 for all Sharon's stock. Sharon's basis in her 5% interest in the Key stock is $170,000. Find Sharon's basis in the land and Key Corporation's recognized gain or loss. Select one: a. Basis Recognized $300,000 Gain/Loss $110,000 loss b. Basis Recognized $250,000 Gain/Loss $110,000 loss c. Basis Recognized $300,000 Gain/Loss $0 d. Basis Recognized $250,000 Gain/Loss $0