To encourage Pillar, Inc. to build a plant near its borders, the city of Haven, Iowa gifts 20 acres of land with a value of $150,000 and a basis of $30,000 to Pillar. The city did not have a master development plan.

• What is the income recognized by Pillar?
• What is Pillar's basis in the land?
• Same as (a) and (b), but Haven is not a city, but a minority corporate shareholder in Pillar?