In accordance with ITA 69, when land is sold between non-arm's length parties for a transfer price that is greater than the fair market value of the land, the adjusted cost base of the land purchased by the transferee is deemed to be: ________.

Choose the correct answer.
A. the actual consideration paid
B. the fair market value of the land
C. the greater of the actual consideration paid or the fair market value of the land
D. the actual consideration paid plus any capital gain recognized by the transferor