Jane and Walt form Yellow Corporation. Jane transfers equipment worth $950,000 (basis of $200,000) and cash of $50,000 to Yellow Corporation for 50% of its stock. Walt transfers a building and land worth $1,050,000 (basis of $400,000) for 50% of Yellow's stock and $50,000 in cash.a.Jane recognizes no gain; Walt recognizes a gain of $50,000.b.Jane recognizes a gain of $50,000; Walt recognizes no gain.c.Neither Jane nor Walt recognizes gain.d.Jane recognizes a gain of $750,000; Walt recognizes a gain of $650,000.e.None of the above.