Mike and Michelle Decided to Liquidate Their Jointly Owned Corporation

Mike and Michelle decided to liquidate their jointly owned corporation, Pennsylvania Corporation. After liquidating its remaining inventory and paying off its remaining liabilities, Pennsylvania had the following tax accounting balance sheet. $$\begin{array} { | l | r | } \hline \text { Taxable income from operations } & \$ 400,000 \\\hline \text { Gain on distribution of land } ( \$ 50,000 - \$ 30,000 ) & 20,000 \\\hline \text { Total taxable inc ome } & \$ 420,000 \\\hline \text { Federal inc ome tax } ( \$ 420,000 \times 34 \% ) € & ( 142,800 ) \\\hline \text { Taxable income } & \$ 420,000 \\\hline \text { Subtract: } & \\\hline \text { Federal income tax } &( 142,800 ) \\\hline \text { Adjustment for E\&P gain on distribution of land } & ( 0 ) \\\hline \text { Current E \&P } & \$ 277,200\end{array}$$ Under the terms of the agreement, Mike will receive the $200,000 cash in exchange for his 40 percent interest in Pennsylvania. Mike's tax basis in his Pennsylvania stock is $50,000. Michelle will receive the building and land in exchange for her 60 percent interest in Pennsylvania. Her tax basis in the Pennsylvania stock is $100,000.
What amount of gain or loss does Mike recognize in the complete liquidation?