Earl transferred land with an adjusted basis of dollar 75,000 and a FMV of dollar 95,000 to Ron Corporation in exchange for 85 percentage of its outstanding stock. The land was subject to a mortgace of dollar 45,000. What are the bases of the land to Ron Corporation and of the stock to Earl? Jarrod. a 60 percentage owner of Corporation J. transferred the following to the corporation: In the exchange, Jarrod received an additional 20 percentage of J's only class of outstanding stock. What is Corporation J's total basis in the assets received in the exchange? dollar 9,000 dollar 17,000 dollar 19,000 dollar 27,000 As an incentive to get Toy Business. Inc., to build a plant in Hornet City, the city gave Toy Business land and dollar 215,000 cash for construction. Hornet City had a basis of dollar 85,000 in the land, and it was worth dollar 100.000. How much income must Toy Business recognize, and what is its basis in the land