John Bartel owns land with an ACB of $250,000 and a FMV of $320,000. He gifts the land to his following statements is correct?

a. John will have a taxable capital gain of $70,000 and the ACB to his son will be $250,000.
b. John will have a taxable capital gain of $70,000 and the ACB to his son will be $320,000.
c. John will have a taxable capital gain of $35,000 and the ACB to his son will be $320,000.
d. John will have a taxable capital gain of $35,000 and the ACB to his son will be $250,000.