Jane transfers property basis of $ 180,000 and fair market value of $ 500,000 to green corp for 80% of its stock worth $ 425,000 and a long term note worth $ 75,000 executed to green corp and made payable to jane as a result of the transfer:

a-jane recognizes no gain

b- jane recognizes gain of $ 75,000

c-jane recognizes gain of $ 270,000

d- jane recognizes gain of $ 320,000

e- none of the abpove