Gary and Laura Decided to Liquidate Their Jointly Owned Corporation,Amelia,Inc

Essay

Gary and Laura decided to liquidate their jointly owned corporation,Amelia,Inc.After liquidating its remaining inventory and paying off its remaining liabilities,Amelia had the following tax accounting balance sheet.
$\begin{array}{ccc}&\text { Tax Basis}&\text { FMV}&\text { (Appreciation)}\\\text { Cash}&\$ 100,000 & \$ 100,000 & \\\text { Building}&150,000& 200,000 & 50,000 \\\text { Land}&\underline {50,000 }& \underline {120,000}& \underline {70,000} \\\text { Total}&\underline {\$ 300,000}&\underline { \$ 420,000} &\underline {\$ 120,000}\\\end{array}$  
Under the terms of the agreement,Gary will receive the $100,000 cash in exchange for his interest in Amelia.Gary's tax basis in his Amelia stock is $30,000.Laura will receive the building and land in exchange for her interest in Amelia.Laura's tax basis in her Amelia stock is $60,000.
What amount of gain or loss does Gary recognize in the complete liquidation?