In a qualifying reorganization, Acuity Corp. exchanges 5000 shares of its own stock and land valued at $225,000 ($150,000 basis) for all of Dull Corp.'s assets, which have a value of $300,000 and a $175,000 basis. Assuming that Dull passes to its shareholders everything it receives from Acuity in exchange for their stock having a basis of $325,000, what gain or loss will Dull shareholders recognize as a result of this reorganization?

a. No gain or loss will be recognized

b. $100,000 loss

c. $25,000 loss

d. $75,000 loss