3. Michael owns 55 percent of the stock of Oberon Corporation. Four years ago, Michael contributed property with an adjusted basis of $20,000 and a fair market value of $8,000 to Oberon is a 351 transfer. This year, Oberon adopted a plan of complete liquidation and distributed the property back to Michael. On the date of distribution, the property had an adjusted basis of $16,000 and a fair market value of $5,000. How much loss will Oberon recognize on the distribution? a. $0 b. $3,000 c. $11,000 d. $12,000