In 2018 , a corporation distributed property with an adjusted basis of \(\$ 100,000\) and a fair market value of \(\$ 140,000\) to its shareholders. Its earnings and profits for 2018 were \(\$ 170,000\), and accumulated earnings and profits on January 1,2018 , were \(\$ 370,000\). What is the amount of gain recognized by the corporation on the distribution?

a. \(\$ 0\)

b. \(\$ 40,000\)

c. \(\$ 70,000\)

d. \(\$ 140,000\)

e. None of the above