Fraser Corp., a 75 percent owned subsidiary of McCoy Corp., made a pro rata distribution of a parcel of land that had been used in its business in redemption of its stock in a complete liquidation. The parcel of land had a basis of \(\$ 300,000\) and a fair market value of \(\$ 410,000\). What amount and character of gain (if any) must be recognized by Fraser Corp. as a result of the distribution?