1 Benji transferred a building (Adjusted Basis of $70,000 and Fair Market Value of $20,000) to Lyles Corporation in run, CA Corporation's stock (Fair Market Value $15,000). There was an outstanding mortgage of $75,000 on the building which Ly Conne following is correct? Lyles Corporation will have a basis in the building transferred by Benji of $70,000. O Benji will have a Recognized Gain on the transfer of $5,000. Benji will have a Recognized Loss on the transfer of $50,000. Benji will have no Recognized Gain or Recognized Loss on the transfer