Lance Mann dies, leaving a depreciable property to his son, Paul Mann. The capital cost of the property is $150,000 and its FMV $120,000. It is the only property in its class with a UCC balance of $100,000. The income tax consequences of this bequest would be:

a. recapture of $20,000 for Lance and a capital cost of the property to Paul of $100,000.

b. recapture of $20,000 for Lance and a capital cost of the property to Paul of $120,000.

c. recapture of $20,000 for Lance and the capital cost of the property to Paul will be $150,000.

d. a taxable capital gain for Lance of $10,000 and a capital cost of the property to Paul of $150,000.