4. Albert transfers land (basis of $140,000 and fair market value of $320,000) to Gold Corporation for 80% of its stock and a note payable in the amount of $80,000. Gold assumes Albert's mortgage on the land of $200,000. a. Albert has a recognized gain on the transfer of $140,000. b. Albert has a recognized gain on the transfer of $80,000. c. Albert has a recognized gain on the transfer of $60,000. d. Gold Corporation has a basis in the land of $220,000. e. None of the above