Brenda owns 100 percent of Walker Corp. She has a basis for her stock of $20,000. The corporation’s only assets are cash of $20,000 and land with a basis of $75,000 and a value of $95,000. Earnings and profits are $125,000. Walker Corp. liquidates and distributes its assets to Brenda, whose stock is cancelled. a. What is the gain recognized by Walker Corp.