Answer:
$300,000 and ($110,000)
Explanation:
Under a plan of complete liquidation, Key Corporation distributes land (not a disqualified property) with an adjusted basis of $410,000 and an FMV of $300,000 for all Sharon's stock.
Sharon's basis in her 5% interest in the Key stock is $250,000.
Therefore Sharon's basis in the land will be the fair market value at the date of transfer which is $300,000
and
Key Corporation's recognized gain or loss on disposal will be the carrying value/adjusted basis less the market value which is the deemed sale value
$410,000 - $300,000 = ($110,000) it is a loss since it is disposed for less than its value
