Tarick and Rosita form Pelican Corporation. Tarick transfers land with a basis of $60,000 and a fair market value of $140,000. Rosita transfers land with a basis and fair market value of $120,000. Tarick also receives $20,000 in cash from Pelican. They each receive 50 shares of Pelican Corporation worth $120,000. What is the amount of Tarick's recognized gain?

a. $80,000

b. $0

c. $60,000

d. $20,000

e. $40,000