Questions 1-9 are based upon the following: A, B, C and D (all individuals) form Deli Corporation by transferring the following assets and receiving a total value of stock issued of $160,000: A: Cash $30,000 and equipment with value of $40,000 with a basis to A of $50,000. Individual A receives $60,000 worth of stock plus $10,000 of other property. B: Land with value of $60,000 with a basis to B of $20,000 and a of $30,000 liability to be assumed by Deli Corporation. B receives $30,000 worth of stock. C: Building with value of $50,000 with a basis to C of $45,000. C receives $40,000 worth of stock plus $5,000 of cash and $5,000 of other property. D: Transfers personal services of $30,000 and receives $30,000 worth of stock. 1. How much gain or loss is recognized by A? a.-0- b. $10,000 loss c. $10,000 gain d. $20,000 gain QUESTION 22 What basis will Deli Corporation have in the equipment? O a. $10,000 O b. $30,000 c. $50,000 O d. $70,000 QUESTION 23 How much gain or loss is recognized by B? a.-0- O b. $10,000 gain c. $20,000 gain d. $30,000 gain QUESTION 24 What basis will Deli Corporation have in the land? a. -0- O b. $30,000 O c.$20,000 d. $60,000