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For the last five years, Ann and Betty have owned the L Corporation (hypothetical) equally. Ann and Betty have $70,000 and $60,000 adjusted bases, respectively, in their L Corporation stock. Ann receives a $40,000 cash liquidating distribution in exchange for her stock. Betty receives as a liquidating distribution a parcel of land having an 580,000 FMV and subject to a $25,000 mortgage, which she assumes, and $10,000 of cash in exchange for her stock. a. What are the amount and character of each shareholder's gain or loss? b. What is each shareholder's basis for the property received in the liquidation? Character Amount Ann Betty Basis