7. Travis transfers land with a fair market value of $125,000, basis of $25,000, to a corporation in exchange for 100% of the corporation's stock. What amount of gain must Travis recognize as a result of this transaction? a.0 b.25,000 c.100,000 d.125,000 e.none of the above 8.Carl transfers land with a fair market value of $120,000, basis of $30,000, to a new corporation in exchange for 85% of the corporation's stock. The land is subject to a $40,000 liability, which the corporation assumes. What amount of gain must Carl recognize as a result of this transaction? a.0 b.40,000 c.30,000 d.10,000 e.none of the above 9. What is the shareholder's basis in stock of a corporation received as a result of the transfer of property to the corporation and as a result of which gain was recognized by the stockholder? a.the shareholder's basis is equal tot he basis of the property transferred less the gain b.the shareholder's basis is equal to the fair market value of the stock received, less any liabilities transferred by the stockholder c.the shareholder's basis is equal to the basis of the property transferred to the corporation, minus any liabilities transferred by the stockholder plus the gain d. the shareholder's basis is equal to the basis of the property transferred to the corporation, plus any liabilities transferred by the shareholder e.none of the above