In the current year, Warbler Corporation (E & P of $250,000) made the following property distributions to its shareholders (all corporations): Pink Corporation stock (held for investment) Non-LIFO inventory Adjusted Basis Fair Market Value $150,000 $120,000 80,000 110,000 Warbler Corporation is not a member of a controlled group. As a result of the distribution: a. Warbler has no recognized gain or loss. Ob. The shareholders have dividend income of $230,000. Oc. Warbler has a recognized gain of $30,000 and a recognized loss of $30,000. Od. The shareholders have dividend income of $200,000.