Key Corporation, which has accumulated a current E&P totaling adjusted basis of $35,000. The shareholder assumes a $25,000 liability associated with the land. The tax consequence to the corporation is to g $75,000, distributes land to its sole shareholder, an individual. The land has an FMV of $55,000 and an O A. recognize a $25,000 gain. O B. recognize a $20,000 gain. O C. not recognize any gain or loss. D. recognize a $30,000 gain