Blue Corporation Distributes Land and Building Having a $70,000 Adjusted

Multiple Choice

Blue Corporation distributes land and building having a $70,000 adjusted basis and a $200,000 FMV to its sole shareholder,Marina.Blue has current and accumulated E&P exceeding $200,000.The property is subject to a $120,000 mortgage,which Marina assumes.What is the amount of the taxable dividend received by Marina?

A) $0
B) $70,000
C) $80,000
D) $130,000