What is the amount and character of gain Connor must recognize on the following alternative distributions, and what is his basis in his Pine Corp. stock at the end of the year?
A. Connor received a $40,000 distribution from Pine Corp. at the end of the year.
B. Connor received a $60,000 distribution from Pine Corp. at the end of the year.
C. Connor received a $130,000 distribution from Pine Corp. at the end of the year.
D. Connor received a $150,000 distribution from Pine Corp. at the end of the year.