Proctoring Enabled: Module Four Quiz Soved Save & Exit 15 TB MC Qu. 8-75 (Algo) Packard Corporation transferred its... Packard Corporation transferred its 100 percent interest to State Company as part of a complete liquidation of the company. In the exchange, Packard received land with a fair market value of $527,500. Packard's basis in the State stock was $775,000. The land had a basis to State Company of $657,500. What amount of loss does State recognize in the exchange and what is Packard's basis in the land it receives? 00:23:01 Multiple Choice erence O $130.000 loss recognized by State and a basis in the land of $527,500 to Packard O $130.000 loss recognized by State and a basis in the land of $657,500 to Packard O No loss recognized by State and a basis in the land of $527,500 to Packard O No loss recognized by State and a basis in the land of $657,500 to Packard DELL