15) & 16) Mark tranfers equipment to XYZ Corporation. Details are: Fair market value = $75,000 Adjusted basis = $20,000 Mortgage = $30,000 Mark receives the following XYZ Corporation: Stock, fair market value = $45,000 Assumption of John's $30,000 mortgage Assume the transfer meets the requirements of IRC Sec 351:

15) Mark's realized gain is a $25,000 b $30,000 c $50,000 d $55,000

16) Mark's recognized gain is a $10,000 b $25,000 c $50,000 d $55,000