A, an individual, transfers to Newco cash of 60,000 and a written contract to provide services worth 40,000 to Newco. In exchange, Newco transfers to A 50 Newco common shares worth 100,000. B, an individual, transfers land with an adjusted basis of 70,000, fair market value of 100,000 to Newco. In exchange, Newco transfers to B 50 Newco common shares worth 100,000. Describe all of the U.S TAX LAW consequences to all of the parties.