Zeb, an individual shareholder, owned 25% of towne corporation stock. pursuant to a series of stock redemptions, towne redeemed 10% of the shares of stock zeb owned in exchange for land having a fair market value of $30,000 and an adjusted basis of $10,000. zeb's basis for all of his towne stock was $200,000. zeb reported the redemption transaction as if it were a dividend. zeb's basis in the land and his towne stock (immediately after the redemption) is land, $10,000; stock, $200,000. land, $30,000; stock, $180,000. land, $30,000; stock, $200,000. land, $20,000; stock, $200,000.

The correct answer is "c. a limited partnership without a general power".

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