Under a plan of complete liquidation Key Corporation distributes and not a disqualified property with an adjusted basis of 110.000 and an FMV of $300,000 for all Sharon's stock. Sharon's basis her interest in the key stock is $250,000. Find Sharon's gain or loss and Key Corporation's recognized gain or loss O Recognized Gain/l oss Recognized Gain/Loss $160,000 so o A Recognized Gain/Loss $160,000 Recognized Gain/Loss $110,000 loss O Recognized Gain/Loss $50,000 Recognized Gain/Loss SO o Recognized Gain/Loss $50,000 Recognized Gain/Loss $110,000 loss Under a plan of complete liquidation, Key Corporation distributes land (not a disqualified property with an adjusted basis of $410,000 and an FMV of $300,000 for all Sharon's stock. Sharon's basis in her 85% interest in the Key stock is $250,000. Find Sharon's gain or loss and Key Corporation's recognized gain or loss, Recognized Gain/Loss $160,000 Recognized Gain/Loss $110,000 loss Recognized Gain/Loss $160,000 Recognized Gain/Loss $0 o Recognized Gain/Loss $110,000 loss Recognized Gain/Loss $50,000 O Recognized Gain/Loss $50,000 Recognized Gain/Loss $0