During 2018, Jimmy Incorporates His Data Processing Business ?
How Much Gain (Loss) Will Jimmy Recognize from the the Sole

During 2018, Jimmy incorporates his data processing business. Jimmy is the sole shareholder. The following assets are transferred to the corporation:
$$\begin{array} { lc } \text { Cash } & \$ 2,000 \\\text { Computer Equipment: } & \\\text { Fair market value } & 20,000 \\\text { Adjusted basis } & 12,000 \\\text { Original cost } & 24,000 \\\text { Furniture: } & \\\text { Fair market value } & 20,000 \\\text { Adjusted basis } & 32,000 \\\text { Original cost } & 64,000\end{array}$$
?
How much gain (loss) will Jimmy recognize from the transfer of the assets to the corporation?

A) $-0-
B) $(4,000)
C) $8,000
D) $20,000
E) $(12,000)