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XYZ Corporation distributed land to its sole shareholder in a liquidating distribution. At the time of the distribution, the land had a fair market value of $120,000 and XYZ Corporation's adjusted basis in the land was $100,000. The land was encumbered by a $140,000 mortgage, which mortgage was assumed by the shareholder. How much gain did XYZ Corporation recognize as a result of the distribution?
Answer
A. 0.
B. $20,000.
C. $40,000.
D. $100,000.
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