Question # 1 was answered last year, however, the answer is not any of the options I have in the quiz I am taking. Please see the attached.

1. Anna transferred land with an adjusted basis to her $ 20,000 and a fair market value of $ 56,000 to Elm Corporation in exchange for 100% of Elm Corporation's only class of stock. The land was subject to a liability of $ $ 26,000 which Elm assumed for legitimate business purposes. The fair market value of Elm's stock at the time of the transfer was $ 30,000. What is the amount of Anna's recognized gain? 2. You transfer property with an adjusted basis of $ 20,000 and a fair market value of $ 31,000 in exchange for 100% of the stock in a new corporation. You receive 100 shares of stock having a fair market value of $ 16,000 and $ 10,000 in cash. The corporation also assumes a $ 5,000 mortgage on the property. Which of the following is true? a. $11,000 gain realized, $ 0 recognized b. $11,000 gain realized, $ 10,000 recognized c. $ 11,000 gain realized, $ 26,000 recognized d. $ 11,000 gain realized, $ 11,000 recognized 3. Aaron transferred property with $ 75,000 and services worth $ 25,000 to the BJ Corporation. In exchange, he received stock in BH valued at $ 100,000. Inmediately after the exchange, Aaron owned 80% of the only class of outstanding stock. Which of the following is the true with regards to Aaron's treatment of this transaction? a. Ordinary income of $ 25,000 b. Net income until the stock is sold c. Short term capital gain of $ 100,000 d. Short term capital gain of $ 25,000