Art, an unmarried individual, transfers property (basis of $130,000 and fair market value of $120,000) to Condor Corporation in exchange for 1244 stock. The transfer qualifies as a nontaxable exchange under 351. Because the property is loss property, Condor takes a basis in the property of $120,000. Five years later, Art sells the Condor stock for $50,000. With respect to the sale, Art has:

a. An ordinary loss of $80,000. b. An ordinary loss of $70,000 and a capital loss of $10,000. c. A capital loss of $80,000. d. A capital loss of $30,000 and an ordinary loss of $50,000. e. None of the above.