Ellen and Gary form a corporation. Ellen receives 85% of the stock (worth $85,000) in exchange for land worth S85,000. Her basis in the land was $60,000. (a) How much gain or loss does she recognize? (b) What's her basis in her stock? (c) What is the corporation's basis in the land? Gary receives 15% of the stock (worth $15,000) for services. (d) How much gain or loss does he recognize? (e) What is his basis in his stock?