Question 625 4 points Lyndon and Lady Bird form Johnson Corporation, Lyndon transfers land (FMV $20,000; A/B $18,000) in exchange for 50% of the Johnson Corporation stock. Lady Bird transfers equipment that originally cost $28,000 on which she has taken $5,000 in depreciation deductions. The equipment has a FMV of $25,000. Lady Bird receives 50% of the Johnson stock and a $5,000 short-term note receivable. Which statement below is correct? There is no recognized gain or loss Lyndon recognizes a $2,000 51231 gain and Lady Bird recognizes 55.00051231 gain Lyndon recognizes a $2,000 51231 gain and Lady Bird recognizes $5,000 ordinary income Lyndon recognizes no gain and Lady Bird recognizes $2.000 ordinary income