How much gain did Sandra recognize as a result of the transaction, and what was the character of the gain?
a. Sandra recognized $12,000 of gain, all of which was ordinary income.
b. Sandra recognized $20,000 of gain, at least $12,000 of which was ordinary income.
c. Sandra recognized $30,000 of gain, at least $12,000 of which was ordinary income.
d. Sandra recognized $100,000 of gain, all of which was ordinary income.