Erica transfers land worth $500,000, basis of $100,000, to a newly formed corporation, Robin Corporation, for all of Robins stock, worth $300,000, and a 10-year note. The note was executed by Robin and made payable to Erica in the amount of $200,000. As a result of the transfer:

	a.	Erica does not recognize gain.
	b.	Erica recognizes gain of $400,000.
	c.	Robin Corporation has a basis of $100,000 in the land.
	d.	Robin Corporation has a basis of $300,000 in the land.
	e.	None of the above.