Gomer is admitted to Mouton Partnership on July 1, 2020. Gomer contributes ABC common stock purchased in 1992 for $20,000, with a fair market value of $100,000 on July 1, 2020 for a 25% interest in the partnership. After Gomer's admission to the partnership, Mouton's net asset fair market value is $400,000. What is Gomer's taxable gain or income from the exchange of ABC stock for the Mouton Partnership interest?

a.$100,000 ordinary income

b.$-0-

c.$80,000 ordinary income

d.$80,000 long-term capital gain

e.$80,000 short-term capital loss