grace and Julie form wish land corp and in exchange for the transfer of their property. Wishland issues voting common stock with fair market value $ 240,0000. For their stock each transfer property to wishland as follows :

	transfer property	adjusted basis	fair market value	% of corp. stock acquired
grace	building	80,000	164000	60%
julie	land	10,000	96000	40%

Grace building is subject to a $ 20,000 mortgage assumed by wishland.

Does grace recognize any gain, in the transaction, if yes, how, much?

- Yes, $20,000

- Yes, $104,000

- No, 0

- Yes, $ 84,000

- none of these choices are correct.

With explanation, please.