Barbara DeMarco, CPA operates a lucrative return preparation business as a sole proprietorship focusing on all types of individuals and businesses. Her friend Roberta Heckleman, CPA operates as a sole proprietorship too. Barbara and Roberta decide to merge their businesses and operate under the name DeMarco and Hecklleman, CPAs as a partnership. Barbara contributes her client list with an FMV of $80,000 and a basis of $80,000 and her land with an FMV of $250,000 and a basis of $75,000. There are no liabilities associated with the land. Roberta contributes her tax law library with an FMV of $75,000 and a basis of $95,000 and $255,000 cash. How much gain must DeMarco and Heckleman, CPAs recognize on the transfer of these assets from Barbara and Roberta?

(a)$0

(b)$10,000

(c) $170,000

(d)$255,000