Leslie owns all of the outstanding stock in DEF Corporation. She transfers land to DEF with an adjusted basis of $25,000 in exchange for stock with a FMV of $70,000. The land is subject to two mortgages. The first mortgage is a purchase-money mortgage in the amount of $20,000. The second mortgage, in the amount of $10,000, was placed on the land a week prior to the transfer. Leslie plans to remodel her home with the loan proceeds. DEF assumes both mortgages. 

a. What is Leslie's recognized gain on the transfer, if any? 

b. What is Leslie's basis in the DEF stock she receives? 

c. What is DEF's basis in the land