Cory owned 1,000 shares of Casper Corporation. Cory had purchased the stock 10 years ago at $200 per share. Pursuant to Casper’s plan of complete liquidation, Cory received land with a fair market value of $150,000 and an adjusted basis to Casper of $100,000 on December 1, Year 1, and $100,000 cash on January 15, Year 2. The distributions resulted in complete liquidation of Casper Corporation. What is the amount of Cory’s long-term capital gain for Year 1 and Year 2?
Year 1
Year 2
A.
Year 1
$0
Year 2
$50,000
B.
Year 1
$30,000
Year 2
$20,000
C.
Year 1
$25,000
Year 2
$25,000
D.
Year 1
$0
Year 2
$0