The stock of Cooper Corporation is 70% owned by Carole and 30% owned by Carole's brother, Chris. During 2005, Chris transferred property (basis of $100,000 and FMV of $120,000) as a contribution to capital of Cooper. During February 2006, Cooper adopted a plan of liquidation and subsequently made a pro rata distribution of the property back to Carole and Chris. At the time of the liquidation, the property had a FMV of $80,000. What amount of loss can be recognized by Cooper on the distribution of property?