Kali transferred land worth $$200,000$ with a tax basis of $$40,000$ to Gold Corporation, an existing entity, for $100$ shares of its stock. Gold Corporation has two other shareholders, Bill and Bob, each of whom holds $100$ shares. Bill and Bob have held their shares in the corporation for more than $10$ years. With respect to the transfer:

Kali transferred land worth $$200,000$ with a tax basis of $$40,000$ to Gold Corporation, an existing entity, for $100$ shares of its stock. Gold Corporation has two other shareholders, Bill and Bob, each of whom holds $100$ shares. Bill and Bob have held their shares in the corporation for more than $10$ years. With respect to the transfer:

Kali has a basis of $$200,000$ in her $100$ shares in Gold Corporation.

Kali has no recognized gain.

Gold Corporation has a basis of $$160,000$ in the land.

Kali has a basis of $$40,000$ in her $100$ shares in Gold Corporation.