a. Phillip transfers land worth $300,000, basis of $200,000, to a newly formed corporation, Peony Corporation, for all of Peony's stock, worth $250,000, and a 10-year note. The note was executed by Peony and made payable to Phillip in the amount of $50,000. As a result of the transfer: Phillip does not recognize gain. b. Phillip recognizes gain of $50,000. Peony Corporation has a basis of $200,000 in the land. d. Peony Corporation has a basis of $300,000 in the land. None of the above. c. e