Jacob has a parcel of vacant land that he had purchased as an investment. The land has an adjusted cost base of $156,000 to Jacob. The fair market value of the land on January 1 of the current taxation year is $167,500. On this date, Jacob gifts the property to his 14-year-old daughter, Tabitha. Tabitha subsequently sells the land on December 1 of the current year for its fair market value of $200,000. How much gain will each recognize on this series of transactions? Choose the correct answer. O A. Jacob, $32,500; Tabitha, $11,500 O B. Jacob, $44,000; Tabitha 50 C. Jacob, $11,500; Tabitha, $32,500 O D. Jacob, $0; Tabitha, 544,000