albert transfers land (basis $ 140,000 and fair market value of $ 320,000) to Gold Corp. for 80% of its stock and a note payable in the amount of $80,000 Golds assumes Alberts mortgage on the land of $200,000

a) albert has a recognized gain on the transfer of $ 140,000

b) gain of $ 80,000

c) gain of $ 60,000

d) gold corp. has a basis in the land of $ 220,000

e) none of the above