Ignacio transfers land to Dove Corporation for 90% of the stock in Dove Corporation worth $20,000 plus a note payable to Ignacio in the amount of $40,000 and the assumption by Dove Corporation of a mortgage on the land in the amount of $100,000. The land, which has a basis to Ignacio of $70,000, is worth $160,000. Which of the following statements is true?

a. Ignacio will not recognize a gain on the transfer.

b. Dove Corporation will have a basis in the land transferred by Ignacio of $160,000.

c. Dove Corporation will have a basis in the land transferred by Ignacio of $70,000.

d. Ignacio will have a gain on the transfer of $30,000.

e. Ignacio will have a gain on the transfer of $70,000.