Maria owns a tract of undeveloped land (adjusted basis of $580,000) that she sells to her son, Frankie, for its fair market value of $420,000. What is Maria's recognized gain or loss and Frankie's basis in the land? a. $0 and $420,000 b. ($160,000) and $420,000 c. $0 and $580,000 d. ($160,000) and $580,000 e. None of the choices presented are correct