Shania, Taylor, and Kelly form a corporation with the following contributions. Basis FMV Shania: Cash $100,000 $100,000 Taylor: Land 60,000 100,000 Kelly: Building 110,000 100,000 If the corporation is a C corporation, Taylor has a recognized gain of $40,000, a stock basis of $100,000, and the corporation has a basis for the land of $100,000. If the corporation is an S corporation, Kelly has a recognized gain or loss of $0, a stock basis of $110,000, and the corporation has a basis for the building of $110,000. If the corporation is a C corporation, Shania has a recognized gain or loss of $0, a stock basis of $100,000, and the corporation has a basis for the cash of $100,000. Only a. and c. are correct. Only b. and c. are correct.