The Alpha Corporation owns a building with a basis of $20,000 that is subject to a debt of $80,000. The FMV of the building is $100,000. Alpha distributes the property in a nonliquidating distribution (along with the debt) to Jen, its sole shareholder. What amount of gain or loss does Alpha recognize on the distribution?

a. $80,000. b. $60,000. c. $20,000. d. $30,000. e. none of the above.