Jane transfers property with an adjusted basis = $50,000 and a fair market value = $80,000 to Queens Corp. She acquired the property two years earlier. Jane receives all 100 shares of Queens Corp. stock that has a fair market value = $70,000, and a $10,000 90-day note of the corporation. Janes recognized gain is:

a.30000

b.10000

c.70000

d.50000