* As a resident of Hawaii, you exchanged a townhouse located in California for like-kind property located in Hawaii. You realized a gain of $25,000 on the exchange; this gain was properly deferred as a §1031 like-kind exchange. The Hawaii property was subsequently sold in a non-deferred transaction and recognized a gain of $45,000. What portion of the gain is taxable by California? * a. $0 * b. $20,000 * c. $25,000 * d. $45,000