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 5% interest in the Key stock is $250,000. Find Sharon's basis in the land and Key Corporation's recognized gain or loss.

Basis	Recognized Gain/Loss
$250,000	$110,000 loss

Basis	Recognized Gain/Loss
$300,000	$0

Basis	Recognized Gain/Loss
$250,000	$0

Basis	Recognized Gain/Loss
$300,000	$110,000 loss