Mitchell and Powell form Green Corporation. Mitchell transfers property (basis of $105,000 and fair market value of $90,000) while Powell transfers land (basis of $8,000 and fair market value of $75,000) and $15,000 of cash. Each receives 50% of Green Corporations stock (total value of $180,000). As a result of these transfers:

a. Mitchell has a recognized loss of $15,000, and Powell has a recognized gain of $67,000.

b. Neither Mitchell nor Powell has any recognized gain or loss.

c. Mitchell has no recognized loss, but Powell has a recognized gain of $15,000.

d. Green Corporation will have a basis in the land of $23,000. e. None of the above.