On March 1, 2016, Selena disposes of shares for $80,000 cash proceeds to her spouse, Sandy. The shares have a total cost of $200,000 and a fair market value of $80,000. Sandy still holds the shares on April 10, 2016. Which of the following is a tax implication of the transaction? a) The capital loss for Selena is deemed to be nil. b) Selena has a capital loss of $120,000. c) The shares have an adjusted cost base of $80,000 for Sandy. d) Sandy has a capital loss of $120,000