After a Plan of Complete Liquidation Has Been Adopted,Condor Corporation

After a plan of complete liquidation has been adopted,Condor Corporation sells its only asset,land (basis of $170,000) ,to Eduardo (an unrelated party) for $400,000.Under the terms of the sale,Condor Corporation receives cash of $100,000 and Eduardo's notes for the balance of $300,000.The notes are payable over the next five years ($60,000 per year) and carry an appropriate interest rate.Immediately after the sale,Condor Corporation distributes the cash and notes to Maria,the sole shareholder of Condor Corporation.Maria has a basis of $80,000 in the Condor stock.The installment notes have a value equal to their face amount.If Maria wishes to defer as much gain as possible on the transaction,which of the following is correct?

A) Maria recognizes a gain of $80,000 in the year of liquidation.
B) Condor Corporation recognizes no gain or loss on the distribution of the installment notes.
C) Maria recognizes a gain of $240,000 in the year of liquidation.
D) Maria recognizes a gain of $320,000 in the year of liquidation.
E) None of the above.