Dot transfers some property to Minor Corp. Her basis in the property was $45,000. She receives Minor Corp. stock with a FMV of $60,000 and $25,000 cash. Minor assumes her $20,000 mortgage on the property for which Dot was personally liable. Immediately after the transfer, Dot controls the corporation. What amount of taxable gain must be recognized by Dot?

a) $60,000 b) $25,000 c) $20,000 d) $45,000