Mitchell and Powell form Green Corporation. Mitchell transfers property (basis of $105,000 and fair market value of $105,000 ) while Powell transfers land (basis of $60,000 and fair market value of $75,000 ) and $15,000 of cash. Each receives 30% of Green Corporation's stock (total value of $180,000 ). As a result of these transfers: Neisher Mithell nor Powell has any recognized gain or loas Gireen Comporation will have a basis in the land of 523,000. Mitchell has no rocognized loss, but Powell has a rocognized gain of 515,000. Mitchell has a recognized loss of 515,000 , and Powell has a recognired gain of 567,000. None of the other choices are correct