George transfers land with an adjusted basis of $60,000 and a fair market value of $200,000 to Giant Inc., a newly incorporated C corporation, for all its stock. Four days prior to the transfer, George borrowed $40,000 against the land that he used to pay off personal bills that he had. The $40,000 liability was assumed by Giant Inc. as part of the exchange. What is George's realized and recognized gain? What is George's basis in Giant Inc.? What is Giant inc's basis in the land?