The Dicken Corp. has two unrelated shareholders, Dick and Ken, each owning 50 percent of the stock. Dicken has only one asset, a tract of land with a value of \(\$ 130,000\) that was purchased for \(\$ 150,000\). What are the tax consequences of the following alternative liquidations?

a. Dicken distributes the land to the shareholders as equal tenants in common.

b. Dicken sells the land to Ken's mother-inlaw for a note that is distributed to Dick and Ken as equal tenants in common.

c. Same as part

a. except that Dick is Ken's father.