in terms of their divorce agreement, mary transferred Zain Corporation stock (basis $40,000; FMV $55,000) to her former husband, Jack as a property settlement. What is the tax consequence of this transaction to Mary, and what is Jack's basis in the Zain Corporation stock? a. Mary has no gain or loss; Jack's basis is $55,000. b. Mary has no gain or loss; Jack's basis is $40,000. c. Mary has a gain of $15,000; Jack's basis is $55,000. d. Mary has a gain of $15,000; Jack's basis is $40,000. E. none is correct