Tara Transfers Land with a $600,000 Adjusted Basis and a $700,000

Multiple Choice

Tara transfers land with a $600,000 adjusted basis and a $700,000 FMV to a corporation in a Sec.351 transfer.Immediately after the transfer,Tara owns 100% of the corporation-stock with a FMV of $660,000.In addition,Tara's $40,000 principal balance on her student loan is legally assumed by the corporation as part of the overall transfer.No other property is transferred.Tara's recognized gain on the transfer is

A) $0.
B) $40,000.
C) $60,000.
D) $100,000.