Carl transfers land to cardinal corporation for 90% of the stock in cardinal corporation worth $20,000 plus a note payable to carl in the amount of $40,000 and the assumption by cardinal corporation of a mortgage on the land in the amount of $100,000. the land, which has a basis to carl of $70,000, is worth $160,000.a. carl will have a recognized gain on the transfer of $90,000.b. carl will have a recognized gain on the transfer of $30,000.c. cardinal corporation will have a basis in the land transferred by carl of $70,000.d. cardinal corporation will have a basis in the land transferred by carl of $160,000.e. none of the above.