Dried Fruit Corp. has had a valid S Corp election in effect at all times since its incorporation. The Dried Fruit Corp. stock is owned one-third by Raisin and two-thirds by Prune. All shareholders are US resident citizen individuals. At the beginning of the current year, Raisin's basis in his shares was $12,000 and Prune's basis in her shares was $4,000. During the current year, Dried Fruit Corp. earned $72,000 of net income from operations. Raisin's share was $24.000; Prune's share was $48,000. On December 31st, Dried Fruit Corp. distributed Grapeacre (real property) having a fair market value of $24,000, and a basis of $16,000, to Raisin and Plumacre (real property) having a fair market value of $48,000 and a basis of $44,000, to Prune. How much gain does Raisin recognize as a result of this transaction? $12,000 $4,000 $0 $8,000