Amy transfers land with an adjusted basis of $$50,000$ and a fair market value of $$80,000,$ along with cash of $$10,000$

to a corporation in exchange for $100\%$ of the corporation's stock. There is a $$70,000$ mortgage on the land which the

corporation assumes on the exchange. What Gain, if any, does Amy recognize and what is her basis in the stock she

received?

A$.$ Amy recognizes a $$10,000$ gain on the exchange, and her stock basis is zero

B$.$ Amy recognizes a $$10,000$ gain on the exchange, and her stock basis is $$50,000.$

C$.$ Amy recognizes a $$10,000$ gain on the exchange, and her stock basis is $$60,000.$

D$.$ Amy recognizes no gain and her stock basis is $$50,000.$

E$.$ Amy recognizes no gain and her stock basis is $$60,000.$

F$.$ Amy recognizes no gain and her stock basis is zero