Shania, Taylor, and Kelly Form a Corporation with the Following

Multiple Choice

Shania, Taylor, and Kelly form a corporation with the following contributions.

A) If the corporation is a C corporation, Taylor has a recognized gain of $40,000, a stock basis of $100,000, and the corporation has a basis for the land of $100,000.
B) If the corporation is an S corporation, Kelly has a recognized gain or loss of $0, a stock basis of $110,000, and the corporation has a basis for the building of $110,000.
C) If the corporation is a C corporation, Shania has a recognized gain or loss of $0, a stock basis of $100,000, and the corporation has a basis for the cash of $100,000.
D) Only a. and c. are correct.
E) Only b. and c. are correct.