Cattle, Inc. transfers part of its assets to a newly formed corporation, Herd, Inc. Herd receives assets with a basis of $$40,000$ and a value of $$90,000,$ but subject to a liability of $$55,000.$ Cattle received $100$ percent of the stock in Herd which it distributes to its shareholders in a spin$-$off, qualifying under Section $355.$ Cattle must recognize a gain of:a$.$$$50,000$b$.$$$35,000$c$.$$$15,000$d$.$$$0$