The stock of Albatross Corporation E & P of $ is owned as follows: by Jade Corporation basis of $ and by Lana basis of $ Both shareholders purchased their shares in Albatross five years ago. In the current year, Albatross Corporation liquidates and distributes land fair market value of $ basis of $ to Jade Corporation and securities fair market value of $ basis of $ to Lana. Which of the following statements regarding the tax consequences resulting from these distributions is true?
a Albatross recognizes a loss on the distribution of the land.
b Albatross recognizes no gain on the distribution of the securities
c Jade recognizes no gain and has a $ basis in the land.
d Lana recognizes a $ gain and has a $ basis in the securities
e Lana recognizes a $ gain and a $ basis in the securities
