Currently, Barnes Corporation has four shareholders, shareholders J, K, L and M. Upon creation of the corporation, these shareholders made transfers of the following for their respective shares of stock:

On April 3, 2019, J transferred $18,000 cash for 1,500 shares of stock

On June 14, 2019, K and L both transferred property with adjusted tax bases of $31,000 and $42,000, respectively. The fair market value of each property was $30,000 and $48,000 respectively. K received 2,500 shares and L received 4,000 shares.

On January 19, 2020, M transferred property with an adjusted tax basis $30,000 and a fair value of $28,000 for 2,000 shares.

None of the transfers occurred under a plan of organization. These are the only shareholders and transfers. Finally, the corporation has been authorized a total of 50,000 shares (meaning there can be future transfers). From the above information, which of the following statements is TRUE?

a. There is no tax effect to Shareholder J.

b. Shareholder K has a realized loss of $1,000.

c. The April 3, 2018 transfer falls under Section 351.

d. All of the above statements are true.