Tultiple Choice-3 points each, cirele the best answer 1. Rick transferred the following assets and liabilities to Warbler tion. Fair market Adiusted basis value Building Equipment Trucks $210,000 45,000 15,000 30,000 $225,000 75,000 30,000 30,000 Mortgage (held for four years) on building In return, Rick received $75 000incashplus 90% o warbler Corporation's only class of stock outstanding (fair market value of $225,000). Which of the following statements is true? a) Rick has recognized gain of $60,000o. b) Rick has a recognized gain of $75,000. c) Rick's basis in the stock of Warbler Corporationis $270,000. d) Warbldr Corporation has the same basis in the assets received as Rick does in the stock. 2. Winich of hellairto? S Corporation I. II. C Corporation III. Sole proprietorship I only II only I and I d) I, II, and