Kevin transfers land worth $500,000, basis of $100,000, to a newly formed corporation, Robin Corporation, for all of Robins stock, worth $300,000, and a 10-year note. The note was executed by Robin Corp. and made payable to Kevin in the amount of $200,000. Because of the transfer:

a. Kevin does not recognize gain.

b. Kevin recognizes gain of $400,000.

c. Robin Corporation has a basis of $100,000 in the land.

d. Robin Corporation has a basis of $300,000 in the land. Robin Corporation has a basis of $300,000 in the land. (recognized gain $200,000 from boot received + basis in land $100,000)