Shrike Corporation is liquidated and its assets are distributed to its 10 equal and unrelated individual shareholders.The assets distributed are as follows: 
One of the tax consequences of the liquidating distribution is:
A) No gain or loss is recognized by Shrike Corporation.
B) Shrike Corporation will recognize no loss on the securities, but must recognize a gain of $100,000 on the land.
C) The shareholders will have a basis of $1,000,000 in the property they receive.
D) The shareholders will have a basis of $1,100,000 in the property they receive.
E) None of the above.
Correct Answer:
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