Problem 20-30 (b) (LO. 1) Pursuant to a complete liquidation in the current year, Montrell Corporation distributes to Dino land (basis of $165,000, fair market value of $148,000) that was purchased three years ago and held as an investment. The land is subject to a liability of $100,000. Dino, who owned 40% of the Montrell shares outstanding, had a basis of $75,000 in the stock. What are the tax consequences of the liquidating distribution? On the liquidating distribution of land, Montrell Corporation will recognize a of $ and Dino will recognize Dino will have a basis of in the land