Albert transfers land (basis of $140,000 and fair market value of $320,000) to Gold Corporation for 80%

Question:

Albert transfers land (basis of $140,000 and fair market value of $320,000) to Gold for 80% of its stock and a note payable in the amount of $80,000. Gold assumes Albert's mortgage on the land of $200,000.
Albert has a recognized gain on the transfer of $140,000.
Albert has a recognized gain on the transfer of $80,000.
Albert has a recognized gain on the transfer of $60,000.
Gold has a basis in the land of $220,000.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...