In the current year, Dove Corporation (E & P of $1,000,000) distributes all of its property in a complete liquidation. Alexandra, a shareholder, receives land having a fair market value of $185,000. Dove Corporation had purchased the land as an investment three years ago for $115,000, and the land was distributed subject to a $75,000 liability. Alexandra took the land subject to the $75,000 liability. What is her basis in the land?

a. $115,000

b. $185,000

c. $0

d. $110,000