An individual, pursuant to a divorce decree, transfers ownership in his solely owned apartment building to his wife. The FMV of the property is $350,000, with an associated debt of $50,000. He purchased the property 10 years ago for $100,000 and has depreciated the property 40,000. He will have the following gain: a. Forgiveness of indebtness $50,000, gain on the property of $290,000 b. There is no gain or loss c. Forgiveness of indebtness $50,000 d. None of the above