On May 1 of the current year, Mr. Good contributed 500 shares of stock in Candid Corporation to the partnership of Murphy & Wooster for a 25% interest in the partnership's capital and profits. The stock, which he purchased 10 years ago for $20,000, had a fair market value on May 1 of $ 100,000. On May 1 of the current year the fair market value of the partnership's net assets, after Good's contribution, was $400,000. What is the amount of Good's recognized gain in the current year on the exchange? A. $0 B. $80,000 ordinary income. C. $80,000 long-term capital gain. D. $80,000 Sec. 1231 gain