The Board of Directors of Walden Corporation Authorized a Year

The board of directors of Walden Corporation authorized a year end distribution to its three shareholders. Each distribution would be equal in value but the shareholder could choose to receive the distribution in cash or corporate stock. If a shareholder chose to receive corporate stock, the distribution should be treated as:

A) A tax free distribution of stock
B) A distribution of property
C) A like-kind exchange
D) None of the above