50Packard Corporation transferred its 100 percent interest to State Company as part of a complete liquidation of the company. In the exchange, Packard received land with a fair market value of $300,000. Packard's basis in the State stock was $600,000. The land had a basis to State Company of $500,000. What amount of loss does State recognize in the exchange and what is Packard's basis in the land it receives? A. $200,000 loss recognized by State and a basis in the land of $300,000 B. $200,000 loss recognized by State and a basis in the land of $500,000 C. No loss recognized by State and a basis in the land of $300,000 D. No loss recognized by State and a basis in the land of $500,000