(8) Adams incorporates her sole proprietorship by transferring the following assets to Newco: + Basis FMV Machinery & Equip. $60,000 Land $50,000 $10,000 $60,000 $40,000 Building $50,000 $50,000 $40,000 Accounts Receivable Adams receives 100% of Newco's stock together with a Newco note maturing in 3 years in the amount of $80,000. What are the tax consequences of this transfer to Adams