Lori, Nelson and Gina form Chrycy Corporation. Lori transfers land worth $80,000 (adjusted basis is $35,000) for 80 shares, Nelson transfers $40,000 cash for 40 shares and Gina transfers equipment worth $20,000 (adjusted basis is $16,000) and $20,000 of services for 40 shares. Lori's tax consequences are: O Recognized gain: $45.000, Basis in 80: $80,000 Recognized gain: $20,000, Basis in 80: $16,000 Recognized gain: $0, Basis in 80: $80,000 Recognized gain: $0. Basis in 80: $35,000