QUESTION 31 A, B and C form ABC Corporation by transferring the following: A: $43,000 of equipment, receives $40,000 of stock B: $38,000 of land, basis of $20,000 and mortgage of $22,000; receives $16,000 of stock and assumption of the mortgage C: $19,000 of services, receives $22,000 of stock Does the above transfer qualify both A and B for non-recognition of gain or loss under Code Sec. 351? a. Yes b. No