Under a plan of complete liquidation, Len Corporation distributed land, having an adjusted basis to Len of $$26,000,$ to its sole shareholder. The land was subject to a liability of $$38,000,$ which the shareholder assumed for legitimate business purposes. The fair market value of the land on the date of distribution was $$35,000.$ What is the amount of Len Corporation's recognized gain or $($loss$)?$

$$12,000$

$$(29,000)$

$$(3,000)$

$$9,000$