40. During the current year, Jimmy incorporates his data processing business. Jimmy is the sole shareholder. The following assets are transferred to the corporation:

Cash	$2,000
Computer Equipment:
Fair market value	20,000
Adjusted basis	12,000
Original cost	24,000
Furniture:
Fair market value	20,000
Adjusted basis	32,000
Original cost	64,000

How much gain (loss) will Jimmy recognize from the transfer of the assets to the corporation?

a.$20,000

b.$-0-

c.$(12,000)

d.$(4,000)

e.$8,000