If an Individual Transfers an Ongoing Business to a Corporation

If an individual transfers an ongoing business to a corporation in a Sec. 351 exchange, the individual must recognize any realized gain

A) if the FMV of the property exchanged exceeds the FMV of the stock received.
B) if the transferor receives property other than stock.
C) only if the adjusted basis of the property transferred is less than the FMV of the stock received.
D) both A and B above