The stock of Broward Corporation is owned by Ted (65%) and Fred (35%) who are father and son. Pursuant to a plan of complete liquidation, Broward distributes land with a fair market value of $400,000 to Fred in exchange for his stock. Broward had purchased the land four years ago for $500,000, and the land is distributed to Fred along with a mortgage liability of $150,000 which Fred assumes. Fred's basis for his Broward stock at the time of liquidation was $75,000.

a. How much loss is recognized by Broward Corporation as a result of the liquidating distribution to Fred?

b. How much gain or loss is recognized by Fred as a result of the liquidation?

c. What is Fred tax basis for the land that he received?