The stock of Hill Corp. is 60 percent owned by Joe and 40 percent owned by Joe's brother, Bob. During 2010, Bob transferred land (with a basis to Bob of $300,000 and a fair market value of $320,000) as a contribution to capital to Hill Corp. During March 2011, 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 fair market value of $160,000. What amount of loss can be recognized by Hill Corp. on the distribution of land?