Lisa transferred land worth $200,000, with a tax basis of $40,000, to PIE Corporation, an existing entity, for 800 shares of its stock. PIE Corporation has two other shareholders, Bill and Bob, each of whom holds 100 shares. With respect to the transfer:. A. Lisa has no realized gain.
B. Pie has a basis of $160,000 in the land.
C. Lisa has a basis of $200,000 in her 800 shares of Pie.
D. Lisa has a basis of $40,000 in her 800 shares of Pie.
E. None of the above.

On june 1, 2017, blossom company was started with an initial investment in the company of $22,360 cash. here are the assets, liabilities, and common stock of the company at june 30, 2017, and the revenues and expenses for the month of june, its first month of operations: cash $4,960 notes payable $12,720 accounts receivable 4,340 accounts payable 840 service revenue 7,860 supplies expense 1,100 supplies 2,300 maintenance and repairs expense 700 advertising expense 400 utilities expense 200 equipment 26,360 salaries and wages expense 1,760 common stock 22,360 in june, the company issued no additional stock but paid dividends of $1,660. prepare an income statement for the month of june.