Topper Corporation makes a liquidating distribution of land to its sole shareholder Tonya. Topper purchased the land several years ago for $150,000, and the land was recently appraised at $120,000 of value. Tonya purchased her stock three years ago for $65,000. What is the amount of gains or losses recognized by Topper Corporation and Tonya?
A) 
B) 
C) 
D) 
Correct Answer:
Verified
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