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Pursuant to a complete liquidation in the current year, Scarlet Corporation distributes to Jack land (basis of $425,000, fair market value of $390,000) that was purchased three years ago and held as an investment. The land is subject to a liability of $250,000. Jack, who owned 35% of the Scarlet shares outstanding, had a basis of $60,000 in the stock. What are the tax consequences of the liquidating distribution to Scarlet Corporation and to Jack?

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