Harriett transferred land worth $200,000, with a tax basis of $40,000, to Mango Corporation, an existing entity, for 600 shares of its stock.Mango Corporation has two other shareholders, Trevor and Rhett, each of whom holds 100 shares.With respect to the transfer:

a. Harriet has no recognized gain

b. Mango has a basis of $200,000 in the land

c. Harriet has a basis of $200,000 in her shares

d. Both b. and c.

e. None of the above