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Under a plan of complete liquidation, Key Corporation distributes land ( not a disqualified property ) with an adjusted basis of $ 4 1 0

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.
Sharon Rec Gain/Loss $50,000 Corp Recognized Gain/Loss $0
Sharon Rec Gain/Loss $160,000 Corp Recognized Gain/Loss $0
Sharon Rec Gain/Loss $50,000 Corp Recognized Gain/Loss $110,000 loss
Sharon Rec Gain/Loss $160,000 Corp Rec Gain/Loss $110,000 loss
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