Hi I am stuck on these problems for in my exercises study tool. Please help

1. Shaquille transfers two assets to a newly-created corporation. The first asset has an adjusted basis of $40,000 and an FMV of $50,000. The second asset has an adjusted basis of $35,000 and an FMV of $25,000. Shaquille receives stock with an FMV of $66,000 and $9,000 cash. Shaquille must recognize a gain of

A) $4,000.

B) $5,000.

C) $6,000.

D) $7,000.

2. Chan transfers property with an adjusted basis of $65,000 and an FMV of $70,000 to Wallis Corporation in a Sec. 351 transaction. Chan receives stock worth $60,000 and a short-term note having a $10,000 FMV. Chan's basis in the stock is

A) $60,000.

B) $65,000.

C) $70,000.

D) $75,000.

3. Rhiana transfers land with a basis of $40,000 to Styx Corporation in exchange for 100% of Styx's stock. At the date of the transfer, the land had a $30,000 fair market value. Absent an election by Rhiana, Styx's basis in the land is

A) $30,000.

B) $35,000.

C) $40,000.

D) $70,000.