Corkie Corporation Distributes $80,000 Cash Along with Land Having a $60,000

Corkie Corporation distributes $80,000 cash along with land having a $60,000 adjusted basis and a $40,000 FMV to its shareholder Josh. What are the tax consequences to Corkie Corporation?

A) $20,000 gain realized and recognized
B) $20,000 loss realized but not recognized
C) $20,000 gain realized but not recognized
D) $20,000 loss realized and recognized