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. Creceives $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 25 How much gain or loss is recognized by C? a. O a.-0- b.$5,000 loss c. $5,000 gain d. $10,000 gain QUESTION 26 What basis will have in Deli Corporation stock? O a. $30,000 b. $40,000 O c.$47,000 O d. $50,000 QUESTION 27 What basis will Deli Corporation have on the building? O a.$30,000 O b. $45,000 O c. $47,000 O d. $50,000