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. As a result of the transfer,

1. Albert has a recognized gain on the transfer of $140,000.

2. Albert has a recognized gain on the transfer of $80,000.

3. Albert has a recognized gain on the transfer of $60,000.

4. Gold Corporation has a basis in the land of $220,000.

5. None of the above