In the Current Year,Dove Corporation (E & P of $1

Multiple Choice

In the current year,Dove Corporation (E & P of $1 million) distributes all of its property in a complete liquidation.Alexandra,a shareholder,receives land having a fair market value of $300,000.Dove Corporation had purchased the land as an investment three years ago for $375,000,and the land was distributed subject to a $270,000 liability.Alexandra took the land subject to the $270,000 liability.What is Alexandra's basis in the land?

A) $375,000.
B) $300,000.
C) $270,000.
D) $30,000.
E) None of the above.