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Problem 20-24 (a) (LO. 1) Pursuant to a complete liquidation, Absolon Corporation distributes to its shareholders land held for three months as an investment (adjusted basis of $60,000, fair market value of $155,000). The land is subject to a liability of $175,000. a. What are the tax consequences to Absolon Corporation on the distribution of the land? Absolon Corporation would recognize of $ 115,000 on the distribution. Absolon Corporation has a recognized long-term capital gain b. If the land is, instead, subject to short-term capital gain of 95,000 on the distributio dividend income