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The stock of Hill Corp. is 60 percent owned by Joe and 40 percent owned by Joe's brother, Bob. During 2012, Bob transferred land (basis of $300,000; FMV of $320,000) as a contribution to capital to Hill Corp. During March 2013, Hill Corp. adopted a plan of liquidation and subsequently made a pro rata distribution of the land back to the brothers. At the time of the liquidating distribution, the land had a FMV of $160,000. What amount of loss can be recognized by Hill Corp. on the distribution of land?

a. $0

b. $16,000

c. $40,000

d. $60,000

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