Amelia transferred a building $($Adjusted Basis of $$450,000$ and Fair Market Value of $$100,000)$ to Shirley Corporation. In return, Amelia received eighty percent $(80\%)$ of Shirley Corporation's stock $($Fair Market Value $$35,000).$ There was an outstanding mortgage of $$475,000$ on the building which Shirley Corporation assumed. Which of the following is correct?

Amelia will have a Recognized Loss on the transfer of $$350,000.$

Shirley Corporation will have a basis in the building transferred by Amelia of $$450,000.$

Amelia will have no Recognized Gain or Recognized Loss on the transfer.

Amelia will have a Recognized Gain on the transfer of $$25,000.$