15. Cornell is a building contractor who builds 25-30 homes a year. Charlotte is an independent real estate broker who sells all of Cornell's homes. Charlotte has recently referred a couple to Cornell who wanted him to build a $400,000 home for them. Knowing that Charlotte and her husband enjoy skiing, Cornell bought her an expensive pair of skis and boots. 1. The "gift" appears to be a form of compensation. II. The skis are considered a gift (not income) for income tax purposes (for Charlotte). III. Substance-over-form applies to this situation. IV. Charlotte recognizes taxable income from the receipt of the skis. a. Only statement is correct. b. Only statement Il is correct. c. Statements I, III, and I are correct. d. Statements II and IV are correct. e. Statements II, III, and I are correct