Assume in Problem 23 that the land had a fair market value of $630,000 on the date of its transfer to the corporation. On the date of the liquidation, the land’s fair market value has decreased to $500,000. How would your answer to Problem 23 change if:
a. All of the land is distributed to Maria?
b. All of the land is distributed to Paul?
c. The land is distributed 85% to Maria and 15% to Paul?
d. The land is distributed 50% to Maria and 50% to Paul?
e. The land is sold and the proceeds of $500,000 are distributed proportionately to Maria and to Paul?

Data From Problem 23:
Last year, Pink Corporation acquired land and securities in a § 351 tax-free exchange. On the date of the transfer, the land had a basis of $720,000 and a fair market value of $1 million, and the securities had a basis of $110,000 and a fair market value of $250,000. Pink Corporation has two shareholders, Maria and Paul, who are unrelated. Maria owns 85% of the stock in the corporation, and Paul owns 15%. Pink adopts a plan of liquidation in the current year. On this date, the value of the land has decreased to $500,000.