Mary and Jane, unrelated taxpayers, own Gray Corporations stock equally. One year before the complete liquidation of Gray, in a 351 transaction, Mary transfers land (basis of $200,000, fair market value of $130,000) to Gray Corporation as a contribution to capital. In liquidation, Gray distributes the land to Jane. At the time of the liquidation, the land is worth $140,000. How much loss, if any, may Gray Corporation recognize on the distribution of the land to Jane?

a. $0 b. $60,000 c. $70,000 d. $200,000