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What amount of gain must Doug Fir Timber Corp recognize

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Question - Pursuant to a plan of complete liquidation, Doug Fir Timber Corp. distributed all of its property to its shareholders. Among the property distributed was cash of $200,000, and land that had been held as an investment that had a basis of $100,000, and a fair market value of $160,000. The land was subject to a mortgage of $170,000 which the shareholders assumed. What amount of gain must Doug Fir Timber Corp recognize as a result of its liquidating distributions?

a. $10,000

b. $70,000

c. $0

d. $60,000

Reference no: EM132718532

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