Prime Corporation liquidates its 80%-owned subsidiary, Bass Corp. Bass Corp. distributes land to its minority shareholder, Shirley, who owns 20% of the Bass Corp. stock. The land received by Shirley has a $55,000 FMV. The land was used in Bass Corp.'s business and has an adjusted basis of $50,000 and is subject to a $10,000 liability which is assumed by Shirley. Shirley's basis in her stock is $25,000. What gain will Shirley and Bass Corp. recognize on the distribution of the land?