Pursuant to a Complete Liquidation, Oriole Corporation Distributes to Its

Multiple Choice

Pursuant to a complete liquidation, Oriole Corporation distributes to its shareholders land with a basis of $350,000 and a fair market value of $800,000. The land is subject to a liability of $920,000. What is Oriole's recognized gain or loss on the distribution?

A) $0
B) $120,000 loss
C) $450,000 gain
D) $570,000 gain
E) None of the above