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Tutu Corp. acquired land in a Section 351 tax-free exchange in 2013. At that time, the land had a basis of $200,000 and a fair market value of $180,000. Tutu Corp. has two equal shareholders, Joan and Ashley, who are unrelated to each other. In 2016, Tutu Corp. adopts a plan of liquidation. During that year and pursuant to the liquidation, the corporation distributes the land to Joan when the value of the land is $150,000 and distributes cash of $150,000 to Ashley. What amount of gain or loss does Tutu Corp. recognize on the distribution of the land?a)$30,000 lossb)$50,000 lossc)$20,000 lossd)No recognized gain or loss
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