On January 1, 2016, Tilson Corporation sold a tract of land to its 100% owned subsidiary, Abreau, Inc., for $360,000. The land originally cost Tilson $314,000. Abreau reported net income of $540,000 and $611,000 for 2016 and 2017, respectively. Tilson received dividends from Abreau of $65,000 and $72,000 for 2016 and 2017, respectively. What is the recorded gain or loss on sale of the land on Tilson's pre-consolidation books in 2016?

Select one:

A. $ 46,000 gain

B. $ 46,000 loss

C. $-0-

D. $360,000 gain