John and June,husband and Wife,have Owned Ruby Corporation for a Number

Question 75

John and June,husband and wife,have owned Ruby Corporation for a number of years.Their basis in the Ruby stock,which they own jointly,is $200,000.The Ruby stock is Sec.1244 stock.Ruby Corporation liquidates,and John and June receive the following from the corporation: accounts receivable,$30,000 FMV; a car,$21,000 FMV; office furniture,$11,000 FMV; and $25,000 in cash.What is the amount and character of their gain or loss?