Under a plan of complete liquidation, Key Corporation (a C corporation) distributes land with an adjusted basis of $410,000 and an FMV of $300,000 for all Sharon's stock. Sharon's basis in her 5% interest in the Key stock is $250,000. Find Sharon's basis in the land and Key Corporation's recognized gain or loss.

HOW WOULD THIS BE SOLVED IF YOU USED CURRENT DISTRIBUTION INSTEAD OF COMPLETE LIQUIDATION?

PLEASE SHOW AND EXPLAIN YOUR WORK