Martin incorporated his sole proprietorship by transferring land to the corporation in return for 100% of the corporation's stock. The basis of the land to the sole proprietorship was $60,000 and its fair market value at the time was $130,000. The transaction met the requirements for Section 351. What amount of gain or loss does Martin recognize on the transfer of land to his corporation? Select one: a. -0 . b. $70,000 c. $60,000 d. $130,000 Ms. Pires, a single taxpayer, made three gifts during 2023:$19,000 cash to her niece; $50,000 cash to Coastal Carolina University (a qualifying $501(3)(c) organization); and 5,000 acres of land to her brother. Ms. Pires' tax basis in the land was $400,000, and its fair market value of date of gift was $615,000. Compute Ms. Pires' taxable gifts for 2023. Select one: a. $385,000 b. $650,000 c. $600,000 d. $634,000 e. None of these choices