(TCOs 1 and 8) Hunter and Warren form Tan Corporation. Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 of cash. Each receives 50% of Tan's stock. As a result of these transfers,(Points : 5)

Hunter has a recognized loss of $30,000; Warren has a recognized gain of $135,000.

Neither Hunter nor Warren has any recognized gain or loss.

Hunter has no recognized loss; Warren has a recognized gain of $30,000.

Tan Corporation has a basis in the land of $45,000.

None of the above