In the Current Year, Dove Corporation (E & P of $1

Multiple Choice

In the current year, Dove Corporation (E & P of $1 million) distributes all of its property in a complete liquidation. Alexandra, a shareholder, receives land having a fair market value of $100,000. Dove Corporation had purchased the land as an investment three years ago for $75,000, and the land was distributed subject to a $70,000 liability. Alexandra took the land subject to the $70,000 liability. What is Alexandra's basis in the land?

A) $100,000.
B) $75,000.
C) $30,000.
D) $5,000.
E) None of the above.