Donghai transferred the following assets to Starling Corporation. Adjusted Basis Fair Market Value Cash $120,000 $120,000 Machinery 48,000 36,000 Land 108,000 144,000 In exchange, Donghai received 50% of Starling Corporation's only class of stock outstanding. The stock has no established value. However, all parties believe that the value of the stock Donghai received is the equivalent of the value of the assets she transferred. The only other shareholder, Rick, formed Starling Corporation five years ago. a. Donghai has a basis of $276,000 in the stock of Starling Corporation. b. Starling Corporation has a basis of $48,000 in the machinery and $108,000 in the land. c. Donghai has no gain or loss on the transfer. d. Starling Corporation has a basis of $36,000 in the machinery and $144,000 in the land.