QUESTION 10 Terry owns land that she acquired three years ago as an investment for $250,000. Because the land has not appreciated in value as she had anticipated, she sells it to her brother, Chris, for its fair market value of $180,000. Chris sells the land two years later for $240,000. Which of the following statements is true? A. Chris is entitled to a $10,000 loss for tax purposes. OB. none of the statements are correct OC. Terry can only take a loss once Chris recognized a gain OD. Terry will recognize a tax loss of $70,00 on the sale to brother O E. Chris has an economic gain of $60,000 and a recognized tax gain of $zero