Wade and Paul form Swan Corporation with the following investments. Wade transfers machinery (basis of $40,000 and fair market value of $100,000), while Paul transfers land (basis of $20,000 and fair market value of $90,000) and services rendered (worth $15,000) in organizing the corporation. Each is issued 25 shares in Swan Corporation. With respect to the transfers:

a.	Swan Corporation has a basis of $20,000 in the land transferred by Paul.
b.	Swan Corporation has a basis of $100,000 in the machinery transferred by Wade.
c.	Swan Corporation has a basis of $30,000 in the land transferred by Paul.
d.	Swan Corporation has a basis of $90,000 in the land transferred by Paul