Warbler Corporation ( E&P of $800,00) distributes all of its property in a complete liquidation. Kena, a shareholder, receives $7,000 cash and land having fair market value of $120,000. Warbler had purchased the land three years ago for $105,000. Kena has a $22,000 basis in her Warbler stock that she purchased 10 years ago. What is Kena's gain or loss on the liquidation of Warbler?
a. $0
b. $105,000 long-term capital gain
c. $7,000 dividend and $98,000 long-term capital gain
d. $127,000 dividend
e. None of the above.