Wade And Paul Form Swan Corp With The Following Investments

wade and paul form swan corp with the following investments. wade transfers machinery basis of $ 40,000 and FMV of $ 100,000 while Paul transfers land basis of $ 20,000 and FMV of $ 90,000 and services rendered worth $ 10,000 in organizing the corporation. with respect to the transfer

a) wade has no recognized gain and paul has gain of $80,000

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b) neither has recognized gain on the transfer

c) swan corp has a basis of $ 30,000 on the land transferred by Paul

d) paul has a basis of $ 30,000 in the 25 shares he acquired in swan corp

e) none of the above