Blue Corporation Distributes Land and Building Having a $70,000 Adjusted

Blue Corporation distributes land and building having a $70,000 adjusted basis and a $200,000 FMV to its sole shareholder, Marina. Blue has current and accumulated E&P exceeding $200,000. The property is subject to a $120,000 mortgage, which Marina assumes. What is the amount of the taxable dividend received by Marina?

A) $70,000
B) $130,000
C) $80,000
D) $0