Wren Corporation has only one class of stock outstanding. It is composed of 200 shares owned by Wes and Zelda who are unrelated. Wes owns 120 shares and Zelda owns 80 shares. Wren Corporation redeems 24 of Wes's shares for $1,000 per share. Wes paid $600 per share for his stock in Wren three years ago. How will Wes be taxed on the stock redemption assuming Wren Corporation has adequate E & P? a. Long-term capital gain of $9,600. b. Long-term capital gain of $14,400 c. Long-term capital gain of $24,000. d. Dividend income of $24,000. e. None of the above