Rob and Yi form Bluebird Corporation with the following investments. Each receives 50% of Bluebird's stock. In addition, Yi receives cash of $40,000. One result of these transfers is that Yi has a: a. Basis of $460,000 in the Bluebird stock (assuming Bluebird reduces its basis in the land to $440,000 ). b. Recognized loss of $60,000. c. Basis of $400,000 in the Bluebird stock (assuming Bluebird reduces its basis in the land to $440,000 ). d. Recognized loss of $20,000