Arthur owns a tract of undeveloped land (adjusted basis of $145,000 ) which he sells to his son, Ned, for its fair market value of $105,000. What is Arthur's recognized gain or loss and Ned's basis in the land? A. $0 and $105,000. B. $0 and $145,000. C. ($40,000) and $105,000. D. ($40,000) and $145,000. E. None of these