On January 5, 2009 Grackle Corporation acquired equipment as a contribution to capital. At that time, the equipment had an adjusted basis of $360,000 and a fair market value of $290,000. This was the only property transferred to Grackle at that time. (Hint: does step down rule apply at contribution date, therefore eliminating any built-in loss at acquisition date. Any subsequent decrease in value can be recognized.) On July 23, 2010 Grackle Corporation adopted a plan of liquidation. On November 12, 2010, Grackle sold the equipment to Chris, an unrelated party, for its current fair market value of $200,000. Grackle Corporation never used the equipment for any business purpose during the time it owned the equipment. What amount of loss may Grackle Corporation recognize on the sale of the equipment?