Sapphire has owned a financial consulting business as a sole proprietor, and she decides to incorporate the business. She transfers real estate (used in the business) in exchange for stock. Shortly before the transfer, Sapphire mortgaged the real estate for $90,000 and used $60,000 of the loan proceeds to remodel personal residence, $20,000 to purchase a personal vehicle amd the other $10,000 was used to purchase inventory for the business. How much of the loan proceeds will be considered boot for purposes of calculating gain under Section 351. a. zero. b. $60,000. c. $90,000. d. $80,000. e. $30,000