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