Lake City Corporation owns all of the stock in Columbia Corporation. Pursuant to a plan of

complete​ liquidation, Columbia distributes land having a​ $500,000 FMV and a​ $200,000 basis to Lake City. Lake​ City’s basis in the land will be

A.

​$500,000.

B.

​$200,000.

C.

0.

D.

cannot be determined from the facts presented

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