Rachel owns 100% of the stock of Cardinal Corporation. In the current year Rachel transfers an asset with a tax basis of $180,000 and fair market value of $350,000, for additional stock in Cardinal worth $350,000. Which of the following is true? A. Rachel has a taxable gain of $180,000 B. Rachel has a taxable gain of $170,000. C. Rachel recognizes no gain on the transfer. D. Rachel has a basis of $350,000 in the additional stock she received in Cardinal Corporation. E. Rachel has a taxable gain of $350,000 Please explain