GreatSUNY Co. owned 100% of GreatOW Corp. During the year, GreatOW sold to GreatSUNY a piece of land with a book value of $60,000. The selling price was $80,000. In its accounting books, GreatOW should (5 points)

Question 1 options:

A)	recognize a gain of $20,000.
B)	defer recognition of the gain/loss until GreatSUNY sells the land to a third party.
C)	recognize a loss of $20,000.
D)	recognize $20,000 of Other Comprehensive Income.
E)	not recognize a gain or loss on the sale of the land since it was made to a related party.

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