Yellow Corporation transfers land (basis of $210,000, fair market value of $300,000) to Joe, a shareholder, to carry out a qualifying stock redemption. The land is distributed subject to a $320,000 liability. With respect to the redemption:
a. Yellow Corporation will recognize a gain of $20,000
b. Yellow Corporation will recognize a gain fo $90,000
c. Yellow Corporation will recognize a gain of $110,000
d. Yellow Corporation will not recognize a gain
e. None of the above