Marcus and Kendell form Spaniel Corporation. Marcus transfers property $($basis of $$200,000$ and fair market value of $$150,000)$ while Kendell transfers land $($basis of $$100,000$ and fair market value of $$140,000)$ and $$10,000$ in cash. Each receives $50\%$ of Spaniel Corporation's stock, which is worth a total of $$300,000.$ As a result of these transfers:

Group of answer choices

Marcus has a recognized loss of $$50,000,$ and Kendell has a recognized gain of $$40,000.$

Neither Marcus nor Kendell has any recognized gain or loss.

Marcus has no recognized loss, but Kendell has a recognized gain of $$40,000.$

Spaniel Corporation will have a basis in the land of $$140,000.$