T buys a small building for $45,000. He pays $15,000 in cash and takes out a mortgage of $30,000. After operating a business in the building he has taken depreciation of $20,000 so the basis of the building is now $25,000. The mortgage required only interest payments for the first 20 years so the amount was still $30,000. If T transfers the property to a corporation for 100% of the stock and the corporation assumes the mortgage:

a) What if anything is T's recognized gain on the transfer of the building

b) What is T’s basis in the stock received?

c) What is the corporation's basis in the building?