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 $450,000 and a fair market value of $550,000. The land is subject to a liability of $600,000. What is Oriole's recognized gain or loss on the distribution?

A) $0.
B) $100,000 gain.
C) $150,000 gain.
D) $50,000 loss.
E) None of the above.