Lambert and Bradshaw contribute property for a 40% interest each in Steel Corp. In addition to the stock, Steel Corp. also transferred $10,000 to Lambert. Steel Corp's value was $100,000 after the transfers were complete. Lambert contributed property with a FMV of $50,000 and a basis $30,000 to Steel Corp. while Bradshaw contributed property with a FMV of $40,000 and a basis of $40,000 to Steel Corp. What is the gain recognized by Lambert and Bradshaw, their basis in Steel Corp Stock, and Steel Corp's basis in the contributed property? O Lambert's Gain Recognized $10,000 Bradshaw's Gain Recognized $0 Lambert's Stock Basis - $40,000 Bradshaw's Stock Basis $40,000 Steel Corp.'s basis in Property = $80,000 Lambert's Gain Recognized $10,000 Bradshaw's Gain Recognized $0 Lambert's Stock Basis - $30,000 Bradshaw's Stock Basis - $40,000 Steel Corp's basis in Property - $80,000 Lambert's Gain Recognized $0 Bradshaw's Gain Recognized $0 Lambert's Stock Basis $30,000 Bradshaw's Stock Basis - $40,000 Steel Corp's basis in Property $70,000 Lambert's Gain Recognized $0 Bradshaw's Gain Recognized = $0 Lambert's Stock Basis = $40,000 Bradshaw's Stock Basis $40,000 Steel Corp.'s basis in Property = $80,000