Jane transfers property basis of $10000 and fair market value of $500000 to Green Corporation or 0 of its stock worth $425000 and a long-term note worth $5000 executed by Green Corporation and made payable to Jane. As a result of the transfer:

a. Jane recognizes no gain. b. Jane recognizes a gain of $5000. c. Jane recognizes a gain of $20000. d. Jane recognizes a gain of $20000. e. None of these.