Jeff Bezos, after stepping down from Amazon, forms a new corporation by contributing land with a basis of $150,000 and a fair market value of $2,000,000. The land has an outstanding mortgage loan of $400,000. Prior to the transfer, Jeff Bezos was in dire need of some cash to fund his gambling trip to Las Vegas, so he refinanced the existing mortgage and received $200,000 in cash as a result of the refinance. What code section would apply to the above transaction? What gain, if any, would Jeff Bezos have to recognize for tax purposes? (hint: either 357(a), 357(b), 357(c)) Briefly explain your answer.