Corinne contributes her land, (basis of $78,000, fair market value of $190,000). for 24,000 shares of Legal Aces, Inc. stock, worth $123,000. The corporation also assumed Corinne's $67,000 of business debts. Corinne's older sister, Stunning Sandy, owns the other 6,000 shares, worth $60,000. Stunning Sandy contributed services to the corporation (basis of $0, & FMV of $54,000), along with $6,000 cash. What result? (A Corinne has a recognized gain of $112,000; Sandy has a recognized gain of $54,000. (B) Corinne has a recognized gain of 50; Sandy has a recognized gain of $54,000. (C) Neither Corinne nor Sandy has any recognized gain on this transaction. D None of the above