Joe owns gold corporation. today: albert transfers land (basis of $140,000 and fair market value of $320,000) to gold corporation for 81% of its stock and a note payable in the amount of $80,000. gold assumes albert’s mortgage on the land of $200,000. joe now owns the remaining 19%. a. albert has a recognized gain on the transfer of $0. b. albert has a recognized gain on the transfer of $80,000. c. albert has a recognized gain on the transfer of $60,000. d. gold corporation has a basis in the land of $60,000. e. none of the above.