Briggs and Stratton form BS Constuction Corporation. Briggs transfers property $($basis of $$105,000$ and fair market value of $$90,000)$ while Stratton transfers land $($basis of $$8,000$ and fair market value of $$75,000)$ and $$15,000$ of cash. Each receives $50\%$ of BS Construction Corporation$$s stock $($total value of $$180,000).$ As a result of these transfers:

a$.$

Briggs has a recognized loss of $$15,000,$ and Stratton has a recognized gain of $$67,000.$

b$.$

Neither Briggs nor Stratton has any recognized gain or loss.

c$.$

Briggs has no recognized loss, but Stratton has a recognized gain of $$15,000.$

d$.$

BS Construction Corporation will have a basis in the land of $$23,000.$