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 Corporation's stock (total value of $180,000 ). As a result of these transfers: Green Corporation will have a basis in the land of $23,000. Mitchell has no recognized loss, but Powell has a recognized gain of $15,000. Neither Mitchell nor Powell has any recognized gain or loss. Mitchell has a recognized loss of $15,000, and Powell has a recognized gain of $67.000