Sun Corporation Makes a Liquidating Distribution of Land with a $90,000

Sun Corporation makes a liquidating distribution of land with a $90,000 adjusted basis and a $100,000 FMV to shareholder Tim,who surrenders his Sun stock to the corporation.Lindsey,another shareholder,received $100,000 cash for her shares.Tim's adjusted basis in the Sun stock is $70,000.Lindsey's adjusted basis in her stock if $110,000.What is the amount of gains and or losses recognized by Tim and Lindsey as a result of these transactions?

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