During 2017, Track Corporation Distributes Property to Cindy as Part

Multiple Choice

During 2017, Track Corporation distributes property to Cindy as part of a complete liquidation. Property included in the distribution is $30,000 in cash, land with a $40,000 adjusted basis and a $60,000 FMV, and a copyright without an ascertainable FMV and having a zero basis. The first payment to Cindy of $8,000 for use of the copyrighted property occurs in 2018. Cindy has a basis in the Track stock of $95,000 immediately preceding the liquidation. The minimum amount of gain that Cindy must recognize is a

A) $3,000 gain in 2018.
B) $0 gain in 2017.
C) $3,000 gain in 2017, which is reported on an amended current-year tax return that is filed in 2018.
D) none of the above