Five shareholders each contribute $$10,000$ in exciailig of FIU Corporation. Fifteen years later, FIU Corp. enters into a plan Under the plan, FIU Corporation distributes property with a FMV $$3$ $$50,000$ in liquidation subject to a $$100,000$ mortgage to the sharel

What are the tax consequences to FIU Corporation?

The corporation will have a $$75,000$ loss

The corporation will have a $$75,00$ gain

The corporation will have a $$50,000$ gain

The corporation will have a $$50,000$ loss

The loss limitation rules apply