The stock of Barefoot Corporation is held equally by three sisters. During 2018, they transferred land (basis of $150,000, fair market value of $160,000) as a contribution to capital to Martini Corporation. During June 2019, Martini Corporation adopted a plan of liquidation and subsequently made a pro rata distribution of the land back to the sisters. At the time of the liquidation distribution, the land had a value of $120,000. What amount of the loss can be recognized by Martini Corporation?

a) $0

b) $10,000

c) $30,000

d) $40,000