Alain sold land, which had an ACB of $140,000, to Purchaser Ltd, a corporation owned by his spouse, for $100,000 which was the FMV at that time. What are the tax implications of this sale? 

a. Alain has a nil capital loss; Purchaser Ltd.'s ACB of the land is $100,000. 

b. Alain has a nil capital loss; Purchaser Ltd.'s ACB of the land is $120,000. 

c. Alain has a nil capital loss; Purchaser Ltd.'s ACB of the land is $140,000. 

d. Alain has a $40,000 capital loss; Purchaser Ltd.'s ACB of the land is $100,000. 

e. Alain has a $40,000 capital loss; Purchaser Ltd.'s ACB of the land is $140,000. 

f. None of the above