Hunter and Warren form Tan Corporation. Hunter transfers equipment (basis of $210,000 and fair market value of $180,000) while Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 of cash. Each receives 50% of Tan's stock. As a result of these transfers: Oa. Hunter has a recognized loss of $30,000, and Warren has a recognized gain of $135,000. Ob. Hunter has no recognized loss, but Warren has a recognized gain of $30,000. Oc. Neither Hunter nor Warren has any recognized gain or loss. Od. Tan Corporation will have a basis in the land of $45,000. 13