The City of Portland gives Data Corporation $60,000 cash and land worth $100,000 to induce it to move. The cash was not spent during the 12 months following contribution. The contribution results in

A.a zero basis in the land and a $60,000 basis reduction in other assets.

B.a zero basis in the land and $60,000 ordinary income to the corporation 24 months after the time of contribution if the cash is not used to purchase an asset.

C.income recognition in the amount of $60,000 to the corporation 12 months after the time of contribution.

D.income recognition in the amount of $160,000 to the corporation at the time of contribution.