7. What basis will Deli Corporation have on the building? a. $30,000 b. $45,000 C. $47,000 d. $50,000 8. How much income, if any, must D recognize? a. -O- b. $6,000 C. $34,000 d. $40,000 A, B, C and D all individuals form Deli Corporation by transferring the following: A: Cash $30,000 and equipment with value of $50,000 with a basis to A of $30,000. Individual A receives 40% of the stock worth $80,000. B: Land with value of $60,000 with a basis to B of $50,000 and a mortgage of $30,000 to be assumed by Deli Corporation. B receives 15% of the stock worth $30,000. C: Building with value of $50,000 with a basis to C of $45,000. C receives of 25% the stock worth $40,000 plus $10,000 in cash. D: Transfers personal services of $40,000 and receives 20% of the stock worth $40,000