John owns land with an adjusted cost base of $250,000 and a fair market value of $320,000. He gifts the land to his son for no consideration. Which of the following statements is correct?

a. John will have a taxable capital gain of $35,000 and the adjusted cost base of the land to his son will be $320,000.

b. John will have a taxable capital gain of $70,000 and the adjusted cost base of the land to his son will be $320,000.

c. John will have a taxable capital gain of $35,000 and the adjusted cost base of the land to his son will be $250,000.

d. John will have a taxable capital gain of $70,000 and the adjusted cost base of the land to his son will be $250,000.