In a non-liquidating distribution, a corporation distributes land (a capital asset) to its sole shareholder subject to a mortgage of $120,000 which the shareholder assumes. The corporations adjusted basis in the land is $70,000, and its fair market value is $100,000. What gain or loss, if any, must the corporation recognize? Group of answer choices A. $30,000 capital gain B. No gain or loss C. $50,000 capital gain D. $70,000 capital gain E. None of