Earl and Mary form Crow Corporation. Earl transfers property, basis of $200,000 and value of $1,600,000, for 50 Shares in Crow Corporation. Mary transfers property, basis of $80,000 and value of $1,480,000, and agrees to serve as manager of Crow for one year; in return Mary receives 50 shares of Crow. The value of Mary's services is S120,000. With respect to the transfers: a. Mary will not recognize gain or income. b. Earl will recognize a gain of $1,400,000. c. Crow Corporation has a basis of $1,480,000 in the property it received from Mary. d. Crow will have a business deduction of $120,000 for the value of the services Mary will render. e. None of these.