Rick transferred the following assets and liabilities to Walkin' D Corporation.

	Adjusted Basis	Fair Market Value
Secure farmland	$210,000	$225,000
Zombie killing equipment	45,000	75,000
Escape vehicles	15,000	30,000
Mortgage (held for four years) on land	30,000	30,000

In return, Rick received $75,000 in cash plus 90% of Walkins only class of stock outstanding (fair market value of $225,000).

	a.	Rick has a recognized gain of $60,000.
	b.	Rick has a recognized gain of $75,000.
	c.	Ricks basis in the stock of Walkin' is $270,000.
	d.	Warlkin' has the same basis in the assets received as Rick does in the stock.
	e.	None of the above.