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. Gina's tax consequences are

a. Recognized Gain $20,000; Basis in 40 shares $36,000

b. Recognized Gain $20,000; Basis in 40 shares $16,000

c. Recognized Gain $20,000; Basis in 40 shares $40,000

d. Recognized Gain $0; Basis in 40 shares $36,000