Five individuals, A, B, C, D, and E, formed X Co. After making the following transfers to X Co., they own 100% of X Co: A $40,000 cash and $15,000 worth of services BASIS B Property: FMV $50,000 MORTGAGE $30,000 $50,000 BASIS C Property: FMV $80,000 MORTGAGE $30,000 $20,000 BASIS D Property: FMV $26,000 $56,000 FMV $73,000 MORTGAGE $3,000 BASIS : (Depreciation recapture $30,000 potential of $7,000) E Property (capital asset) In return, they receive the following from X Co: A $55,000 Stock B $15,000 Stock + $5,000 Cash C$42,000 Stock + $8,000 Cash D $22,000 Stock + $4,000 Cash E $52,000 Stock + $18,000 Cash Question 6 2 pts C's recognized gain or loss is $8,000 gain O None of these. $18.000 gain Question 7 2 pts C's basis in the X Co. stock is O None of these. O $80,000 $20,000 Question 8 2 pts X Co.'s basis in the property received from C is $38.000 None of these. O $80,000 Question 9 2 pts D's recognized gain or loss is None of these. loss O loss Question 10 2 pts D's basis in the X Co, stock is $52.000 0 2.000 O None of these. $56,000