In 2021, Kristina Danielson incorporated her catering business. No liabilities were transferred. Kristinas only asset that was transferred to the corporation was a delivery truck with an adjusted tax basis of $20,000, and a fair market value of $40,000. Kristinas friend Andrew Moldova invested in the corporation by contributing $10,000 of cash. Immediately after the transfer, Kristina owned 80% of the corporations stock, and Andrew owned 20% of the corporations stock. 12. The corporations adjusted tax basis in the transferred truck is: a) $0 b) $20,000 c) $40,000 d) $50,000 13. What is Kristinas gain on the transfer of the truck to the corporation? a) $0 b) $10,000 c) $20,000 d) Kristina recognizes a loss on the transfer 14. Kristinas adjusted tax basis in the corporations stock received in exchange for the truck is: a) $0 b) $20,000 c) $40,000 d) $50,000