Ed and Fay together own 100% of the common stock of an existing corporation. On January 2 of the current year, they made the following additional transfers to the corporation, which qualify under Sec. 351. Ed transferred equipment (having a $55,000 FMV and $36,000 adjusted basis) in exchange for additional common stock worth $40,000, qualified preferred stock worth $9,000, and nonqualified preferred stock worth $6,000. Ed acquired the equipment on March 14 three years ago and claimed $46,000 of depreciation before contributing it to the corporation. Fay transferred inventory (having a $40,000 FMV and $14,000 adjusted basis) and land (a capital asset having a $20,000 FMV and $50,000 adjusted basis) in exchange for additional common stock worth $33,000 and $24,000 cash. Fay acquired the land on February 3 eight years ago. In addition, the corporation assumed $3,000 of Fay’s liabilities, which were bona fide business debts with no tax avoidance purpose. These liabilities are general liabilities not associated with any particular asset. For each transferor shareholder, determine the amount realized, gain or loss realized, gain or loss recognized (if any), character of gain or loss recognized, basis of stock received, and holding period of stock received. For the corporation, determine the gain or loss recognized (if any), basis of each property received, and holding period of each property received.