Under a plan of complete liquidation, Bluebird Corporation distributed land, having an adjusted basis to Bluebird of $52,000, to its sole shareholder. The land was subject to a liability of $76,000, which the shareholder assumed for legitimate business purposes. The fair market value (FMV) of the land on the date of distribution was $70,000. What is the amount of Bluebird Corporation's recognized gain or loss?  

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