sole shareholder of Condor Corporation. She sold her stock to Melis the Glenda is Glenda's basis in Condor stock was $50,000 at the start of the year. Con s basis in Condor stock was $50,000 on. She sold her stock to Melissa. on October 31 for $150,000 at the start of the year. Condor distributed land to Glenda immediately before the sale. Condor's basis in the land Condor's basis in the land was $20,000 (fair market value of $25,000), On December 31, Melissa received a 375,000 cash distribution from Condor. During the year, Condor has $20,000 of current E & P and its accumulated E balance on January I is $10,000. Which of the following statements is true? a. Glenda recognizes a $110,000 gain on the sale of her stock b. Glenda recognizes a $100,000 gain on the sale of her stock c. Melissa receives $5,000 of dividend income. d. Glenda receives $20,000 of dividend income. e. None of the above