Question - The stock of a corp is 70% owned by Carol and 30% owned by her brother Carl. During 2005 Chris transferred property with a basis of 100K and a FMV 120K as a contribution of capital to the the corp. During February 2006 the corp. adopted a plan of liquidation and subsequently made a pro rata distribution of the property back to the Carol and Carl. At the time of liquidation the property has a FMV of 80K. What amount of loss can be recognized by the corporation on the distribution of property?