Wall Corporation Has Assets with a $150,000 Basis,$350,000 Value,and $50,000

Wall Corporation has assets with a $150,000 basis,$350,000 value,and $50,000 of liabilities.Wall transfers $330,000 of its assets and all of its liabilities to Floor Corporation in exchange for $280,000 of Floor common stock.Wall distributes the Floor stock and its remaining $20,000 cash to Carmen,Wall's sole shareholder,in exchange for all of her Wall stock.Carmen purchased the Wall stock 5 years ago for $290,000.Finally,Wall liquidates.Which,if any,of the following statements is correct?

A) Wall recognizes a $50,000 gain on the reorganization.
B) Carmen recognizes a $20,000 gain and Wall recognizes a $50,000 gain on the reorganization.
C) Wall and Carmen both recognize a $20,00 gain on the transaction.
D) Carmen recognizes a $10,000 gain on the reorganization.
E) None of the above.