Hazel, Emily, and Frank, unrelated individuals, own the stock in Wren Corporation as follows: Hazel, 30 shares; Emily, 30 shares; and Frank, 40 shares. Wren redeems 20 of Frank's shares (basis of $72,000) for $80,000. If Frank's stock is a capital asset and has been held for over three years, Frank has: a. A long-term capital gain of $8,000. b. A short-term capital gain of $8,000. c. Ordinary income of $80,000. d. Ordinary income of $8,000 e. None of the above