Hollow. a Cash Basis taxpayer Incorporates her Sole Proprietorship She transfers the following items to the newly created corporation, Way Corporation in exchange for all of the common stock in Way Corporation Cash ($10,000 - Adjusted Basis, $10,000 - Fair Market Value): Land ($100.000 - Adjusted Basis: $120.000 - For Market Value): Mortgage Payable (5100.000 - Adjusted Basis $100,000 Fair Market Value). Which of the following is conect The Way Corporation's basis in the Land is $100.000 Hollow has Recognized Gain of $20,000 Hollow has Recognized Gain of $10,000 Hollow has a Recognized Loss of $20,000