Allen transferred 3 assets to a newly formed corporation in exchange for 100 share of voting common stock plus cash. The assets transferred were as follows:

Asset I real estate held for 2 years, FMV $22,000, adjusting basis of $40,000.

Asset II real estate held for 6 months, FMV $33,000, adjusting basis of $20,000.

Asset III depreciable property (1245) FMV $55,000, adjusted basis of $25,000.

Cash received $10,000

Stock received: 100 shares of voting common, FMV = $100,000

Please explain answer choices marked correct:

What is the total gain recognized by Allen on the exchange?

A. $10,000

B. $25,000

C. $15,000

D. $8,000

What is Allen's basis in the stock received on the exchange?

A. $83,000

B. $85,000

C. $100,000

D. $90,000

What is corporation's total basis in the assets received from Allen?

A. $83,000

B. $85,000

C. $95,000

D. None of the above.

Should be 93,000