Question: Ms. Pinella contributed property (adjusted basis $50,000, FMV $84,000) to Price Inc. in exchange for 200 shares of its stock (FMV=$74,000) and $10,000 cash. This exchange qualified under Section 351. Her gain recognized on this transaction is:
a. $50,000
b. $84,000
c. $54,000
d. $10,000
Please show work in detail.