Philip Washington donates a work of art to a charitable organization. The work has a market value of $100,000 and a basis (to Philip) of $60,000. The charity plans to sell it and use the proceeds to funds its operating costs, including salary, and does, in fact, sell it for $100,000 several weeks after its receipt. What is Phillip's correct federal income tax treatment with respect to the donation?

A. Contribution of $100,000 (no income recognized)

B. Contribution of $60,000 (no income recognized)

C. Contribution of $100,000 (income of $40,000 recognized)

D. Contribution of $40,000 (no income recognized)

E. None of the above